Most of the discussions around traceability in blockchain technology refer to supply chain management contexts. Blockchain technology introduces added value to supply chain management and traceability is an essential component. Blockchain technology, when combined with the ability to program business logic, by leveraging smart contracts, can offer better traceability.
Blockchain guarantees greater transparency in the details of the origin of the products. Provenance includes the chain of custody of a product from the point of origin to the destination. Additionally, blockchain also improves the accuracy of tracking products throughout their supply chain journey. Blockchain applications in supply chain management contribute to greater efficiency.
The need for traceability in blockchain refers to the various problems experienced by the existing supply chain management sector. The shipping industry spends almost half the cost of transportation on documentation. In addition, studies have also pointed to concerns about mislabeling in food products. Also many products include ingredients obtained through illegal measures. Another prominent issue in today's supply chain management landscape concerns the counterfeiting of luxury goods. The falsification of the origin of the products creates the need to introduce traceability via blockchain.
The use of public, private and hybrid blockchains introduces traceability, transparency and responsibility in the movement of products. Blockchain can be useful for the logistics sector to improve the efficiency of business processes and reduce the costs of supply chain infrastructure. So what is blockchain traceability and how can it improve supply chain management? Supply chains typically have a complex network of manufacturers, suppliers, retailers, distributors, auditors, and customers. Blockchain's shared ledger infrastructure helps streamline workflow among all participants in the network. In addition, the shared infrastructure ensures better visibility for auditors regarding the activities of the participants in the chain.
Enterprise blockchain technology has the potential to transform conventional supply chain management by introducing traceability into blockchain technology. The three distinct use cases of blockchain in supply chain management are traceability, commerce, and transparency. The use of blockchain can take advantage of traceability to improve operational efficiency by mapping and visualizing enterprise supply chains. Blockchain guarantees information to consumers with real, immutable and verifiable data.
Our APIBreeders blockchain traceability solution includes the total traceability of the queens from origin to the final destination, thus guaranteeing our clients and users accurate information about the product in all steps of the process.
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