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Block-chain enabled trace and track system

  • May 19, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Block-chain enabled trace and track system

Subject :Science and technology

Section: Awareness in IT

This is a supply chain centered implementation of the block-chain technology, that uses the decentralized, immutability (cannot be changed), real-time, cryptographic security characteristics of the distributed ledger system (i.e. Block Chain) to stream-line supply chains.

With this one can track where the inventory is at a moment, from where it was sourced, and help verify the genuineness of the product. At present this is a challenge for traditional supply chain management because of being: paper based, disjointed data systems, compatibility issues, visibility gaps, counterfeit products.

With block-chain, supply chain companies can document production updates to a single shared ledger, which provides complete data visibility and a single source of truth. Because transactions are always time-stamped and up to date, companies can query a product’s status and location at any point in time. This helps to combat issues like counterfeit goods, compliance violations, delays, and waste.

Use cases:

  • Food and Agriculture: respond quickly in the event of food safety emergencies, empower customers by providing detailed food supply chain insights. Compensate small farmers quickly and equitably.
  • Pharmaceuticals: Reduce counterfeit medicines.
  • Manufacturing: demonstrate authenticity and ethical practices. Track spare auto parts and streamline auto safety recall processes
  • Mining: Ensure ethical sourcing and authenticity of raw materials. Accurately track environmental impacts of production, revealing new opportunities for sustainability.
Block-chain enabled trace and track system Science and tech
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