This approach creates a unalterable digital ledger that provides a record of transactions in a chronological order.
The technology has been mainly used to address gaping deficiencies in any supply chain industry. With its distributed operation and decentralised approach, a massive network of organisation or individual can operate seamlessly
By creating a network of skillful individuals and decentralised autonomous organisations , an immense value is bought into supply chains. The part of actors involved in that specific supply chain is monitored and administered through outcome based smart contracts.
This approach has transformed the overall supply chain activity into a next level, hence it is very essential in all supply chain industry, which in past times have gone through endless issues that obstruct its efficiency.
Certifying items into blockchain and the using smart contracts helps industries save large amount of products/assets that are gone missing due to fraud and counterfeiting.
The approach and system helps reduce cost in general and improve overall inventory management.g. helping companies eliminate duplication without loss in the accuracy and security within the processes.
Besides, minimises paper work, making it cost effective by the removal of any middle men participation in the supply chain industry. Lesser the manual work, lower is the risk of fraud and errors.
This multilevel ecosystem is focused mainly on how to make the supply chain more agile through managing risk, reducing threats and eliminating fraud and costs through disinter-mediation.
As more and more customers are demanding accountability about the products and its provenance, thus making transparency play a major role in any supply chain activity.
Due to its encrypted ledger which is distributed across the network, it provides concrete and verifiable record transactions, Any change with the blockchain has to be verified by majority of other systems.
Tracks and monitors exactly where the product Is coming from with the goal of eliminating any malpractices. Every info about the product is entered in the system by the actors involved in the supply chain through tags/qr-code and provenance piloted a few different ways of making data available to customers.
This way the customers know exactly where the product came from and so do the suppliers. Thus improves transparency and traceability by keeping tabs on the products.
