Challenges faced by the supply chain industry
Improper level of security might result in data thefts and counterfeit consignments. According to the Symantec global cybersecurity company, in 2017 the number of supply chain cyber attacks increased by 200% compared to the previous year.
Administrative and transportation tasks take time and money, which affects the overall efficiency and productivity of supply chains. As Marketwatch states, in 2017 alone, Amazon spent $21.7 billion on shipping.
Lack of trust
With many participants in complex supply chain networks, the question of trust between network members — suppliers and producers — becomes urgent in following production requirements.
Large enterprises have difficulty tracing all the elements in their complex supply chains and maintaining records; lack of transparency leads to money and reputation losses.
Companies that have large databases struggle with the necessity of constant access to real-time information from any location, at every point of the supply pipeline.
Parties involved in the same supply chain usually have siloed data systems, which complicates their interconnection and delays processes.
Meet OLWay: a blockchain-based solution for supply chain, logistics, and IoT
OLWay is a platform where you can connect with your clients on a decentralized network, store supply-related info in an immutable database, and integrate with IoT sensors for tracking shipping data (temperature, humidity, barometer, luminosity) all the way to the destination.Request a demo
Blockchain solutions for supply chain from Aetsoft
Thanks to the distributed ledger technology, all parties in the supply chain have access to the same data. A majority consensus manages any data alterations.
Blockchain keeps each record linked to connected sensors with unique and unchangeable identifiers, which allows tracing the entire history of each asset from the moment of production.
Smart contracts can automate various tasks traditionally requiring human involvement as well as remove middleman, making supply chain management more cost-efficient.
Blockchain keeps a permanent record of all supply chain histories, guaranteeing tamper-proof digital document trails and building trust among network participants.
Cryptographic keys protect every piece of data, with any corruption attempt immediately visible to the entire network. Private blockchains allow setting separate permissions.
Blockchain connects suppliers, distributors, manufacturers, and retailers in a single ecosystem where all parties have access to the same data.
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