As data in most supply chains is recorded in a centralized manner by each participant, there is a lack of transparency and traceability that raises several risks, from inconsistencies or missing data leading to delays and higher operational costs to data tampering carried out by participants who may have an interest in falsifying certain information.
A supply chain product traceability system based on blockchain technology and smart contracts will create a more transparent collaboration between verified organizations across the supply chain, generating more trust and streamlining processes, but also serving as a basis for handling any potential disputes and tracking responsible parties.
Building smart contracts into a Modex BCDB core allows organizations to conduct transactions more safely, automate a series of processes, generate financial and time savings, and bring each participant a series of unique enterprise blockchain features.
Ensuring the authenticity of the data and eliminating the risk of individual supply chain participants tampering with the information.
New participants can easily be added to the blockchain-based supply chain tracking system as it is based on a non-invasive model that seamlessly integrates with users’ existing software systems.