Supply Chain Solutions
Supply chains are important sources of competitive advantage. Inefficiencies in supply chain management may have serious consequences and lead to significant performance losses across the whole organization.
Maintaining a well-functioning supply chain is a complex business, but blockchain technology has proved to be an excellent tool for maintaining and increasing supply chain efficiency.
iDefendo’s blockchain-based solutions solve many business problems. By creating reliable and immutable evidence, our solutions build trust and transparency throughout the supply chain, create efficiencies, and reduce costs.
How you benefit
Reduce overall cost with solid visibility, essential to spot-on forecasts
Immutable data prevents tampering and enhances consumer and partner trust
Track products in real time and enable higher standards of security and mitigation of risk
Every step in the supply chain can be traced, both upstream and downstream, speeding up the administrative process, improving predictability, and giving all involved parties and stakeholders the information they need. Since entries of data in the blockchain are immutable and time-stamped, they create a clear record of product provenance and history while maintaining the integrity of the system.
A high-functioning supply chain leads to increased profits. Access to a more complete dataset facilitates improved practices. Benefits include the mitigation of risk, the detection of unethical suppliers and counterfeit products, the chance to eliminate fraud, the reduction of footprints, and the reduction of human error – all leading to cost reductions.
With iDefendo’s solutions, companies can connect different ledgers and data points while maintaining data integrity among multiple participants by restricting access to data by agreement. Data is logged in cryptographic hashes – the information that is logged remains secret but can be validated.
A survey conducted by APQC and the Digital Supply Chain Institute shows that more than one-third of supply chain workers cite cost reduction as the most important benefit of using blockchain technology in their supply chain management.
Source: BAPQC and the Digital Supply Chain Institute 2hn9my41c3ib340pet2h4da5-wpengine.netdna-ssl.com/wp-content/uploads/2018/06/How-connecting-the-supply-chain-improves-business-performance.pdf
By strengthening traceability, in situations such as product recalls or quality problems, organizations can isolate issues efficiently and accurately, which minimizes the cost of trying to locate the root of the problem.
Source: www.supplychaindigital.com www.supplychaindigital.com/supply-chain-management/blockchain-and-supply-chain