Supply chain track and trace

The supply chain industry requires the ability to track and trace the history of

product custody and its past and present locations by following the products

through a complex j ourney from raw material, through multiple geographic

regions for processing and manufacturing, throughout transport, through

regulatory control, to warehousing, and finally, to retailers and consumers of

all product inventory. To ensure product authenticity tracking its provenance is

crucial throughout this j ourney.

Blockchain technology is used to build applications on which multiple parties

can transact directly via a peer-to-peer network without the need for a central

authority for verifying transactions. Each network participant has access to a

shared ledger that immutably and cryptographically records all transactions,

and there is no single network owner.

Total data visibility and a single source of truth are provided by the blockchain,

where supply chain companies can do updating to production updates to a

single shared ledger. As the transactions are timestamped and up-to-date, an

organization at any point in time can query the product’s status and location.

The ledger audit trail ensures regulatory compliance and the issues such as

counterfeit goods, compliance violations, delays, and waste are combated, as

also during emergencies, immediate action can be taken. The supply chains can

automate conditions of production and quality control further by combining

blockchain with smart technology like IoT. The organizations choose to share

track and trace data with their customers as a way to verify product

authenticity and ethical supply chain practices.

Blockchain service providers

It is a blockchain technology that has captured the attention of visionaries,

technologists, governments, and organizations alike where it is signaling

organization readiness and moving beyond. Blockchain has witnessed

widespread adoption across industries, with blockchain proj ects moving from

the Proof of Concept (PoC) to the deployment stage.

An opportunity is presented by organization blockchain technology for service

providers to reinvent the services delivery model. It demands an ecosystem

play given the nature of technology, and thus, what becomes more prominent is

the role of service providers as orchestrators of business outcomes enabled by

digital levers.