Blockchain-Enabled Supply Chain Management Solutions
Supply chains across the globe are some of the most vulnerable parts of our infrastructures. Between cyber-attacks, natural disasters, pandemics, and man-made disruptions, sudden and lengthy interruptions to the supply chain have far-reaching consequences.
The inclusion of new technologies has helped to assist in the tracking of supplies but has opened new avenues for bad actors to exploit, wreaking havoc for all parties involved.
Regulatory bodies have taken steps to protect suppliers and buyers yet it is difficult to prove all parties are adhering to the latest regulations.
A business's ability to mitigate threats to the supply chain will help determine the level of financial risk the business faces. An interoperable quantum-protected infrastructure with the ability to prove every event over time will have a favorable impact for both businesses and consumers.
Interoperable Supply Chains
There is one common element when considering both the movement of physical goods and the finances of any supply chain. Information. All parties depend on the timely dissemination of even the most minute detail to the supply chain. However, that information is sometimes too broad, delayed, or non-existent altogether.
Increasingly sophisticated computer systems, AI, and Internet of Things (IoT) devices are changing the way the world tracks supplies and products. Businesses can now track shipping containers in real-time using wireless sensors for automation. But these tools are only the first step.
The connection of RFIDs, and other IoT devices onto a blockchain ledger, provides an unchanging chain of information to record these transactions, including the details of any event. This creates a more transparent supply chain with data at each checkpoint.
Historically when tracking these devices with blockchain technology, supply chain management teams have relied on private blockchains, each with its own automation processes and data elements. This creates isolated information within each blockchain. These siloes hinder the company’s ability to interact and communicate with other businesses.
Connecting supply chains from all the different systems, including buyers and suppliers to financial services, has proven to be difficult at best.
Integration of Dragonchain’s patented interoperable hybrid blockchain, Interchain, connects those siloed systems. Through a simple API connection, every system, whether it is a traditional or a blockchain system, is interoperable using Dragonchain technology. The unique architecture of Interchain allows businesses to selectively share and provide proof of an event with buyers, suppliers, and financial agents. Every event along the supply chain is tracked and verified in real-time.
Through real-time reporting, forecasting what’s to come and a deeper understanding of the state of individual suppliers manufacturing processes allows for analytics at a granular level without elevated costs. This ability brings real value to blockchain-based supply chains.
Supply Chain Risk Management
Having an interoperable supply chain is crucial for prompt responses to product recalls saving time, money, and resources. Conservative estimates put the cost of each food recall at about $10 million, on average. Blockchain makes it easy to track the current state of supplies, including prices, location, and dates, as well as who had access and their certification. This ability can significantly lower a business’s risk.
Take, for instance, consignment supplies, a big issue for healthcare facilities. Erroneous procedure coding or misplaced items can lead to lost inventory and revenues for the organization and suppliers. Not having adequate supplies on hand in an emergency could be detrimental to patient care and leave the hospital open to malpractice.
Healthcare supplies are not the only things susceptible to the negative effects of an inadequate supply chain management system. Spoiled or contaminated food, counterfeit or sub-par supplies, and lost or stolen products can all result in loss of revenues, decreased trust, and even harm to consumers.
Blockchain-enabled supply chains help businesses improve the quality of their products and avoid recalls that damage their reputation. Providing traceability, data accuracy, and proof throughout the supply chain process creates a more secure, immutable, and interactive system that streamlines businesses, reduces operating costs, and proof.
Quantum-Safe Supply Chain Protection
Supply chain infrastructures are at extreme risk of cyber attacks. These attacks are increasing daily at an average cost of $14 million per attack, and it affects everyone. It doesn’t matter if you are a government agency worried about highly classified information or a local business trying to secure personally identifiable information (PII), every supply chain is vulnerable.
Dragonchain secures systems with a Digital Fortress that blends polymorphic technologies and a hybrid architecture to secure any system along any supply chain. Polymorphic technologies are the brainchild of Dr. Al Carlson. Along with CloudFace LLC, Dr. Carlson has taken steps to solve the cybersecurity risks that come with digital infrastructures.
Dr. Carlson is considered one of the top three mathematicians in the world in set theory and its application to ciphers. His patented cipher technology is fundamentally integrated into Dragonchain’s hybrid architecture to provide a quantum-safe interoperable platform that can connect any system and provide proof of an event at moments in time. Digital Fortress is an affordable and flexible product for businesses to make all their systems quantum-safe now.
Increase Supply Chain ROI
Supply chain disruptions cause severe decreases in ROI with drops in operating income, sales, and growth. Blockchain offers more control over the supply chain with granular information to ensure timely delivery to customers. Real-time data will assist in better forecasting future demands for products. These projects help to minimize costs and prepare for all possible events and factors that might disrupt a supply chain.
- Managing potential conflicts between different parties within a supply chain’s ecosystem, such as partners and vendors.
- Comparing prices with other suppliers to ensure the best deal.
- Preventing over-ordering or a shortage of products and the inability to meet demand.
- Timely deliveries to prevent significant losses, especially in the case of perishable goods.
Consumers can use this technology to make informed decisions on what brands to trust. When businesses make this information available to the public they improve brand integrity and accountability, keeping their customers loyal.
Dragonchain’s developer-friendly interoperable platform makes it easy to implement blockchain-based supply chain solutions quickly. Take, for example, a supply chain system to provide transparency and proof of a fair-trade product and processes. The blockchain system has unique QR coding and is interoperable with IoT devices and includes a custom-designed mobile-first website. The entire system was operational in 2 weeks.
Or the emergency management system with GDPR/HIPAA compliant decentralized identity capabilities. This system uses real-time, accurate information of medical inventory levels to aid in the tracking and priority distribution of supplies. An immutable proof report is included to prove the state of any event. The customizable and flexible system went from idea to operational POC in 15 Days.
Interoperable Supply Chains for Everyone
The things we consume and the supplies we use are traveling greater distances and interacting with more and more people along the way. The ability to track these products is crucial, not only for a business’s financial situation but for brand integrity and consumer safety. Every supply chain, even if a small one, benefits from an interoperable system for tracking and real-time reporting.
Dragonchain’s interoperability solutions are perfect for any sector to track supplies, provide audit proofs, identity authentication, and quantum-safe cybersecurity. These are easy to implement into your current network, easy to use, and are very scalable.
We’re ready to build now. Contact us today to discuss the solutions to all your supply chain challenges.