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Collect and input relevant data into the blockchain system, ensuring accurate and reliable information.
Validators or nodes verify the authenticity and validity of the transaction before it's processed.
Once validated, the transaction is bundled into a block, which contains multiple verified transactions.
The network uses a consensus mechanism (like Proof of Work or Proof of Stake) to approve the new block.
The approved block is added to the immutable blockchain ledger, making the transaction permanent.
The updated blockchain is publicly available for all participants, providing transparent, traceable records.
The cost varies depending on the complexity of the solution, customization, and the blockchain platform chosen. However, blockchain’s potential to reduce operational costs and enhance efficiency can offset the initial investment over time.
Blockchain improves transparency, traceability, and efficiency in supply chains, allowing businesses to track products from origin to delivery, reducing fraud, and ensuring quality control.
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