The data on the supply chain may reside with numerous parties and may not be passed accurately along the chain. A combination of consumer expectations, more routes to market, international complexities and other factors create significant challenges throughout the supply chain network.
Major challenges in this approach are listed below :
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Large companies have millions and millions of products flowing through the supply chain. This large scale of production could lead to faulty units or goods, counterfeit products which may need to be tracked & prohibited.
ProdTrack addresses these problems by tracking the trajectory of assets in a cost efficient, trusted, distributed blockchain network. It can provide unprecedented visibility into where things are in real time, but also traceability, showing where things have been before. At the same time, confidentiality and interoperability are ensured to work in the complex business world.
ProdTrack is a Blockchain based product provenance solution, for increasing supply chain visibility. Its cryptographic mechanisms ensure data immutability and consistency. It has the potential to rewrite the rules for the sustainable and ethical production and consumption of the commodity in a supply chain. The technology follows a decentralised approach and everyone involved in the process has the access to a shared set of data , about a common product that moves between them across its lifecycle
Tracks information about the products with similar attributes such as time, location, species name, catch date, and processing location that means it provides accurate information about the companies, facilities, supply chain actors involved with the product.
Eliminates manual paperwork or even sending documents via email, which further cuts down labor cost and time, moreover there is less risk of human error. Smart contract alleviates mistakes and executes tasks automatically under pre-approved conditions and faster (automated) payments.
Using Blockchain technology enables every actor involved in the supply chain process to audit the full scope of the product information and identify fraudulent actors (with immutable ledger records). This discourages unethical practices between the actors involved.
Information stored in the blockchain-related to business practices, manufacturing processes, licenses, certifications, and other factors can be used for risk compliance or risk management purposes. This builds trust throughout the supply chain life cycle among all the parties involved.
Every block of information is immutable, meaning that the data cannot be manipulated, deleted, or falsified by any actor after it has been validated and placed in the blockchain. It secures every transaction proving who initiated it when it was completed and hence it is secured and free of tampering making it more reliable.
Blockchain eliminates fees associated with funds passing into and out of various bank accounts and payment processors, implementing targeted cost saving measures. This approach also streamlines administrative processes and reduce costs by enabling an effective audit of supply chain data.