Supply Chain Blockchain Use-Cases
Since the supply chain is among the most occupied domains, it has specific use-cases where Blockchain can be implemented successfully.
Whenever we buy produce or other FMCG products, we are always curious to know whether it is safe. Presently, the food supply chain includes tiresome methods like manual record maintenance which is inclined to human errors.
Blockchain in the supply chain plays a crucial role by making it transparent. Data entered at each level can be viewed by everyone. It also proves effective at the time of food recall or examination, blockchain makes the entire process hassle-free as it provides peer-to-peer traceability.
Drugs and Pharmaceuticals
Most Pharmaceutical Drugs need to be stored at a particular temperature. Having a logistics process of being dispatched from the manufacturing factory to the warehouse to an end retailer, requires data collection and the utmost accuracy that cannot be tampered with.
With the help of blockchain, retailers, manufacturers, and end consumers get real-time insight into this data. It can even trigger a notification in case of temperature malfunctions.
Sensors built into the transportation mode will send timely recordings of the temperature. With a drug distribution network powered by KrypC, manufacturers can proactively monitor for adverse events. Distributors can gain real-time visibility and enhanced ability to respond to supply chain disruptions. Citizens can trust the drugs given the end-to-end traceability feature.
Immutability in the Blockchain network is the foundation for traceability of pharmaceutical drugs, from manufacturers to the customer, making it feasible to discover problems, if any, in the supply chain.
Guaranteeing provenance over the complete supply chain can decrease fraud and counterfeit automotive parts. Providing a track and trace of the whole chain, blockchain warrants the authenticity of products.
Automotive supply chains are complex and involve many different suppliers who all need to communicate with the auto manufacturer. By leveraging Blockchain, the automobile industries can track a component’s journey from its origin to the factory. By bringing its suppliers on a shared blockchain platform, the companies could get a clearer view of its supply chain for better compliance and audit.
Plastic Waste Management
There has never been more importance around recycling and waste management than right now. As per statistics, the worldwide recycling marketplace is anticipated to strike $377B by 2024.
Plastic garbage and accurate waste management is a critical problem affecting climate change. As recycling operations are somewhat inadequate, blockchain can carry more comprehensive supply chain distinctness in the recycling industry for more reliable and effective decision-making abilities.
The objective of introducing blockchain technology is to introduce all parties in the value chain and let them know reliable data points about recycled goods. Because of its high competence, organizations are trailing this novel technology to ease waste management.
Startup plastic banks that collect and reuse ocean plastic, are using blockchain technology. They offer incentives distributed via digital tokens. When waste arrives at the plastic bank centers, these digital tokens are issued via smart contacts. Each transaction is then entered on Hyperledger Fabric. As soon as it is done, the plastic bank trades the recycled or reformed plastic to vendors.
How Are Organizations Dealing with This Radical Change?
Since Blockchain has the aptitude to connect multiple data points and ledgers while sustaining data integrity amongst various participants, a lot of organizations have started implementing it.
One of the world’s biggest mining companies declared it is going to utilize the blockchain to thoroughly track as well as record data during the mining procedure with its merchants. Not only will it enhance productivity internally, it also enables organizations to own robust interaction with its associates.
Another Diamond-giant uses Blockchain to track gems from the place they are minded to the place they are traded to users. This guarantees that the business prevents ‘blood diamonds’ or ‘conflict’ and encourages the customers in ethical sourcing and buying.
A lot of enterprises have adopted Blockchain to build a safer food supply chain. They track and trace the entire journey of the food to ensure that it is delivered in a promised condition.
Blockchain has showcased its competence to introduce comprehensive improvements in multiple industries and companies to date, in covering the supply chain domain.
Track and Trace Systems have a critical role to play across industry segments & domains like- supply chain, Pharmaceuticals, Banks & Financial institutions, Manufacturing units, etc. There might be different reasons and objectives to implement track and trace systems. These systems can prove an efficient way to fight against any illegal distribution or to prove the authenticity of any kind of asset, product, or commodity. Few reasons which show the implementation of tracking and tracing system across the various sector to be considered on priority are:
- Provenance to Product Journey- Need to connect with Consumers directly and gain trust by giving them access to view the actual journey of the product they want to.
- To view environmental impact or business impact
- Need to avoid Duplication of Assets or products
- Makes real-time data available for various purposes to different stakeholders.
- To face concerns with tightened laws with respect to logistics, licensing, security.
- Gives everyone a reason to build a stronger relationship with players of the ecosystem.
- Integrations with existing system to have a single version of data flow across
- Need to improve supply chain security and efficiency for health commodities distributed in various developing countries.
- Better Invoice management and timely Payments
- Reporting and Dashboards for executives and stakeholders
Contact us today to understand how KrypC can help redefine your Supply Chain Systems.