Block-chain enabled trace and track system
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.