The Impact of Blockchain on Transparency and Trust in Wholesale Transactions
Blockchain technology is transforming the transparency of wholesale transactions through the idea of immutable, tamper-evident shared ledger with all transactions securely being stored. The benefits associated with blockchain adoption by wholesale firms such as OSNN Ventures Private Limited that exist in a dynamic challenging market are to make the data correct, enhance collaboration, and make the customers more confident in this competitive market. The conventional wholesale supply networks are characterized by information silo, poor visibility, which contributes to inefficiencies and errors. Blockchain fixes this by providing the possibility of end-to-end, in real time product and transaction traceability with all authorized parties being able to see it. Tracking is recorded in a secure and verifiable manner at all levels of the process including procurement and shipping up to the end delivery. This is vital where wholesale trading is concerned as the product quality, provenance, an...