How supply chain companies can harness the power of Coinex Smart Chain

medium.com2m ago

How supply chain companies can harness the power of Coinex Smart Chain

Every industry can benefit from the innovations that blockchain offers, and when it is a highly scalable network like CoinEx Smart Chain, the perks increase drastically. There are a lot of benefits that accrue to those in the supply chain industry that opt for blockchain technology especially CoinEx Smart Chain, and we will discuss them below.

• Reduction in development costs

The costs that are incurred in running a supply chain management system are quite expensive if it is a traditional system. When the costs incurred are compared to the benefits, they are extremely high.

With CoinEx Smart Chain, supply chain companies can revolve their technology around a transparent, affordable, and efficient network.

• Automation of tasks

The traditional supply chain is paper-based, meaning that tasks are repeated over and over again. This is quite inefficient. With the likes of blockchains like CoinEx Smart Chain, it is easy for supply chain companies to automate their tasks with the help of smart contracts, thereby reducing the case of errors and frauds.

• Increased efficiency and processing speed

Traditional databases are plagued with low processing speed, which is something that many supply chain firms use. There is a lack of efficient transactions. Sharing of data amongst companies is also difficult. Blockchains such as CoinEx Smart Chain change this, injecting efficiency into the operations of these firms.

• Savings in time and administrative costs

As a result of the traditional supply chain management system, companies have to spend a lot on administrative costs. Activities that can be automated with blockchain are given to administrators, which increases the costs incurred by companies. When activities are done by humans, the time taken to achieve them is higher than when they are automated by smart contracts from CoinEx Smart Chain.

• Error elimination

Supply chain is a delicate industry and errors could negatively affect companies and their clients. Users want to know where the item especially the food that they purchased came from, and they want to know if they are in line with quality standards. The only way that they can know this is by getting information from the supply chain. The traditional supply chain management system is filled with errors that may lead to the manipulation of information by the end-user. Blockchain removes this because of its transparency and immutability.

About CoinEx Smart Chain

CoinEx Smart Chain is the twin chain to CoinEx Chain and it was designed to be a permissionless public blockchain that acts as a haven for different types of decentralized apps such as NFTs and DeFi.

CoinEx Smart Chain is interoperable and comes with the flexibility of moving assets and smart contracts from one network to the other.

It is an Ethereum-compatible blockchain that offers numerous use cases to developers and users. Interoperability is a crucial element of blockchain technology that every protocol craves, and CoinEx Smart Chain offers it. Developers do not have to build their innovations from scratch with CSC.

Its compatibility with other chains means that developers can port their innovations from other networks to CSC when they want without permission. They may need to do little or no editing to their decentralized app. This makes it easy for developers to incorporate Multichain features into their architecture without stress or spending a lot.

Apart from being a scalable, decentralized, and secure chain, CoinEx Smart Chain also offers support to developers. It comes with a library of tools to create one’s decentralized app on the chain. It also has funding to develop innovations.

CoinEx Smart Chain has created an ecosystem fund with $10 million to support different platforms that are building on CSC. The aim of this fund is to provide financing services, listing support, and media promotion for the project.

The ecosystem support fund is one of the reasons that CSC has continued to grow rapidly because it is improving itself and those that are building on it.

Over time, CoinEx Smart Chain has evolved into the right blockchain for developers that want to create innovations without spending a lot on creating them, launching smart contracts, and much more. NFTs and DeFi platforms are currently building on this chain.

The low transaction fees, as well as the numerous innovations that are being built on CoinEx Smart Chain, are one of the reasons that the network is favored by both developers and users.