Supply Chain Management (SCM) in its simplest form is the management and tracking of goods or services to the point it reaches the end consumer. If you think about it, practically every business, large or small, has a supply chain with varying complexities. Many current supply chains are siloed with insufficient transparency as to the previous exchanges and interactions in the chain, which consists of consists of unconnected and independent 3rd parties. This lack of transparency results in inefficiencies, loss of control and security, and weakened product integrity and safety. To make matters worse, recall management is increasingly difficult due to this absence of transparency of the chain of custody.
Notable supply chains that affect everyday life
- Agriculture & Farming
- Pharmaceuticals & Medical Devices
- Transportation, Shipping & Rail
- Equipment and Parts
Consider current supply chain challenges
- Legacy and outdated systems prevent the exchange of information
- Manual inputs are subject to human error and tampering
- Unconnected and disparate systems present connectivity challenges
- Trading partner supply chains may be inaccurate, outdated or non-existent
- Inaccurate information results in poor inventory and recall management
The dreaded recall
Product recalls that rely on inaccurate or outdated information are costly and carry health and regulatory risks.
Superior visibility into the status or location of a product results in greater efficiencies with quicker holds, segregations, removals and customer returns of the recalled product.
Strengthen your supply chain by inviting trading partners
By inviting trading partners to your supply chain, you will experience greater visibility into the product before it has reached your custody and after it is released to the next partner. This results in greater transparency and traceability. The value of the complete chain of custody becomes especially critical during a recall.
Benefits of a tamper-proof ledger
- Real-time immutable data with beginning-to-End 3rd party proof and transparency
- Deploy a single shared tamper-proof ledger with partners prior and post-custody
- Recall management benefits and efficiencies
- Greater efficiencies and security
- Real-time access to product status
- Removes the need for emails, faxes, phone calls, text messages, etc. for status requests
- Smart contract ability
ULedger is designed to be minimally invasive to an existing technology infrastructure via REST-ful API standards allowing for ease of integration to existing data management environments. Through this process, each database underpinned by ULedger becomes its own Blockchain. As a result, an entity can have more than one Blockchain. ULedger hashes and timestamps the metadata (description of the data) of all transactions that occur on the database(s) and then the hash, timestamp, and metadata are posted to a public network of ULedger Blockchain nodes.
Our hybrid approach ensures that the underlying data remains secure and private while benefitting from a distributed and tamper-proof ledger. This approach also delivers a highly scalable solution intended for enterprise data loads and security requirements.