The blockchain is a distributed ledger that stores digital records that are shared among different nodes. After the internet, Blockchain is said to be the biggest technological invention in history. A Blockchain consists of a series of blocks that are continuously growing and are encrypted. Each block is linked cryptographically with the previous block, stores a time stamp and a number of transactions. If Blockchain and ERP systems are integrated, then it has the ability to improve business processes.
Let’s see how Blockchain and ERP systems create an impressive platform:
The combo of Blockchain and ERP systems forms a really impressive collaborating platform. As a matter of fact, Supply chain management, warehouse management, and CRM will have a great impact on blockchain technology.
Let’s know how!
Supply chain
Supply chains become transparent when you have integrated your ERP systems with blockchain. ERP systems track, create and manage a shipping and purchase records that can fall prey to cyber attacks. All important records are vulnerable to alteration. But Blockchain records are immutable and can be trusted by the team using them. Therefore, users working on ERP can always trust the information and its authenticity.
Finance and CRM
ERP software holds financial transactions and blockchain keeps them transparent. Also, Blockchain can bring transparency in customer records.
It helps people manage CRM in receiving and securing the customer-specific sensitive data. ERP owners don’t need to rely on a bank or a third party institution while dealing with customers data.
Manufacturing
Combining blockchain with your existing ERP solution enables manufacturers to protect and verify every transaction throughout the manufacturing cycle.
There is a record of millions of invoices around the globe that is still undergoing buyer and supplier disputes. However, blockchain can resolve all these issues. Because the proof of delivery, contract, proof of origin, proof of payments etc can be recorded and authenticated in blockchain network. So, the data stored in blockchain is accurate and immutable. These records can be accessed any time to check authenticity and to end disagreements.
Last but not the least, Blockchain and ERP systems together hold a promising future. They enhance the security of data and offer transparency to the records.
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