Glossary
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Example H2
Supply Chain Glossary
Trade lane
Transit time
Transloading
Transportation Management System (TMS)
Transportation lead time
Transshipment
Twenty-foot Equivalent Unit (TEU)
Ultra Large Container Vessels (ULCVs)
Vendor Managed Inventory (VMI)
Verified Gross Mass (VGM)
Vessel
Vessel Sharing Agreements (VSA)
Vessel bunching
Vessel call sign
Vessel omit
Vessel rotation
Vessel schedule
Voyage
Warehouse utilization
Work order
Yard management
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Supply chain traceability

What is Supply Chain Traceability?

Supply chain traceability refers to the ability to track and verify the journey of products through every stage of the supply chain, from raw materials to the final consumer. This process involves documenting and recording the path and handling of goods, allowing stakeholders to trace each item's history and location. Traceability is crucial for ensuring product quality, compliance, and safety, and it helps in managing recalls and verifying the authenticity of products.

Benefits of Supply Chain Traceability

The benefits of supply chain traceability include enhanced product safety and quality control, as it allows for quick identification of issues and efficient management of recalls. It also improves transparency and accountability, fostering trust among consumers and partners. Traceability supports regulatory compliance by ensuring that products meet industry standards and legal requirements. Additionally, it can help in optimizing inventory management and reducing the risk of fraud.

How Can Blockchain Support Supply Chain Traceability?

Blockchain technology supports supply chain traceability by providing a decentralized and immutable ledger that records every transaction and movement of goods. Each step in the supply chain is verified and recorded on a blockchain, creating a transparent and tamper-proof history of the product. This ensures that all stakeholders have access to accurate and real-time information, enhancing trust and reducing the potential for fraud or errors. Blockchain's ability to provide a single source of truth helps streamline processes and improve overall supply chain efficiency.

Supply Chain Traceability vs. Supply Chain Visibility

Supply chain traceability and supply chain visibility are related but distinct concepts.

‍Traceability focuses on the ability to track the specific history and path of products through the supply chain, ensuring that each stage is documented and verifiable.

‍Visibility, on the other hand, refers to the ability to monitor and access information about the overall flow of goods, inventory levels, and operational performance.

While traceability provides detailed insights into individual product journeys, visibility offers a comprehensive view of the entire supply chain’s operations. Both are essential for effective supply chain management, but they serve different purposes in enhancing operational efficiency and ensuring product integrity.