Gain an overall visibility of your supply chain network, ensure transparency and establish trust between your partners
Challenges Faced By The Logistics Industry
In the logistics industry, the major concern always remains to determine the current and past location of freight, whether it was damaged in transit, as well as reporting their arrival and departure time. As the supply chain continues to expand, they become more and more complex. ‘N’ number of companies are involved in this process. Maintaining such complex data using traditional systems might slow down communication and consume a lot of time in tracking goods. This results in delay, inaccurate supply chains, errors, increased cost, security issues, and etc. Lack of traceability has become an industry-wide problem due to disjoint data systems and outdated paper processes.
Blockchain technology is preferred by every developing industry right now as it supports track and trace, ERP, supply chain, safety and increases automation efficiency. It can share information via a peer-to-peer network without the need for any central authority to verify all the transactions. Blockchain records all the transactions and provides immutability and combats issues like counterfeit goods, delays, cyber-attacks, and compliance violations.
MSRcosmos, with the help of blockchain technology, helps logistics overcome all the challenges by creating an encrypted digital record that tracks and traces goods at each and every stage and provides end-to-end visibility. Track and Trace provide easy tracking of goods and makes planning easier. This makes product monitoring and continuous verification of processes seamless. Since all the transactions are up to date and time-stamped, companies can get the location as well as the current status of a product at any time. Blockchain is a shared database, i.e. it uses a distributed ledger technology, with the help of which a single source of correct information is passed across the entire supply chain and the participants. Enabling Track and Trace using blockchain technology makes complex things easier and smoothens the work process in the right direction.
Increases real-time visibility:
Provides a single view of the supply chain facilitating an easy exchange of information between organizations.
Provides forward and reverse traceability:
Enables tracking of the product journey, right from the origin to every point of contact on its journey to the customers.
Provides end-to-end transparency:
The traceability feature of blockchain ensures transparency by validating and authenticating product origin. This prevents fraud and improves brand credibility.
Unique identity code for products:
Using a QR code provided to each product, the products can be easily tracked and validated by the user. Secure QR code ensures product safety and it is tamper-proof.
Strengthens consumer trust:
Track and trace allow consumers to track their products and ensure the quality and safety of their products. This builds and strengthens consumer trust.
Along with the characteristics of decentralization, irreversibility and traceability, blockchain provides real-time data and high-performance metrics. This helps users to monitor the exact and detailed performance of the product on different stages.
Blockchain has a distributed ledger technology that holds time-stamped records, which cannot be changed without the agreement of all the users in the supply chain. This ensures the safety and prevents data from being modified by unauthorized users.