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IoT in Supply Chain Traceability
Breakthrough blockchain technology, combined with IoT features, enables companies to record every event or transaction within a supply chain on a distributed ledger. This ledger is shared among all participants, not owned by any, and records events and transactions in a secure, immutable, and irrevocable way.
One of the biggest concerns faced by companies related to risks inherent in their supply chain are due to visibility shortages. Indeed, companies are often struggling when it comes to mastering procurement and information flows within their tiers, having no choice but to trust their stakeholders – both internal and external.
By its intrinsic properties, an IoT-enabled blockchain solution can address and rectify these visibility and traceability challenges with its plentiful key features, such as:
- End-to-end visibility: Monitoring supply chain events and processes with the advanced features provided by our solution is key to increase efficiency along the supply chain and ensure traceability.
- Flexibility: IoT combined with blockchain results in the ability to adapt and respond to issues rapidly with no critical impact on operational costs.
- Inferred Trust: The stakeholders instill their trust into the security integrated into the system to collect and provide true and accurate data.
- Control: The policies, monitoring capabilities, and control mechanisms present in our IoT and blockchain solution are of prime importance.
With its ability to provide continuity in information, blockchain and IoT capabilities can significantly help global businesses mitigate their operational risks by ensuring temper-proof and reliable consecutive flows. The integration of our IoT and blockchain solution has led to the following benefits for businesses:
- Enhanced Product Authenticity: Ensures the authenticity of products by providing an immutable and transparent record of their journey, reducing the risk of counterfeit or substandard goods.
- Streamlined Logistics Operations: Real-time monitoring and decentralized tracking contribute to the optimization of logistics operations, reducing delays and improving overall supply chain efficiency.
- Improved Product Quality Control: Enables proactive identification of issues like spoilage or damage, allowing for swift intervention and ensuring that only high-quality products reach consumers.
- Innovation in Supply Chain Management: Sets new standards for secure and efficient supply chain traceability, encouraging innovation in logistics and fostering a resilient and agile supply chain ecosystem.
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