If we had to sum up exactly what the supply chain is in one sentence, it would be the simplest way: the commercial path of a product or service from assembly to delivery of the final product to the consumer. The supply chain is a fundamental element of any organization that wants to compete in the market. In order to take full advantage of the supply chain, it must be transparent and traceable in real time.
The prime objective of e-track is to deliver complete visibility and digital solutions to our partners. Our available services are suitable for full-scale integration, and if each participant delivers all the information to the system, the shipments we manage and supervise will be fully visible and transparent throughout the entire physical chain. Another important feature of our systems is that you only need to record the data once, having done that the information will be available to all the partners with appropriate access privileges.
Why is there a need to introduce new technologies?
In our view, one of the main reasons is that some companies are still very reluctant to develop. It causes serious problems when it comes to providing or retrieving data. The other major difficulty is distrust. Some participants in the chain continue to question the authenticity of some data and are concerned that their data could leak.
The question is: can blockchain technology bring a change? The simple answer is yes, although blockchain is not the Holy Grail and cannot solve all of the problems, but it can be a good solution to the problems mentioned. Whatever technological innovation we apply, it is essential to adjust the process to the possibilities and requirements of the technology.
What solution can e-track offer?
Primarily, we concentrate on eliminating the “noise” in the communication, i.e. the partners using the services of e-track can pass on the information through a reliable unified system. This makes it possible to integrate and reallocate the collected information among the partners concerned in an entirely noise-free and undistorted form.
We are convinced that the integration of blockchain technology into our services will further increase the efficiency and flexibility of the system. All the information entered into the system will be instantly available, further improving reliability and transparency. The system continues to guarantee, through encryption and strict authorization, that the participants can only have access to the data they are entitled to.
The advantages of blockchain technology:
- it insures online visibility of the shipment, the position and status (temperature, humidity, position, speed, expected time of arrival, etc.) of which is continuously updated during the whole process of delivery
- it simplifies or totally eradicates paper-based documentation
- integrates data in such a way that their veracity and authenticity is guaranteed all the way in a manner accepted by all, thus enhancing confidence
- it will make the Chain of Custody (CoC) more transparent, which can be a great step forward in collecting freight
- analysing the integrated data opens the way for increased prediction accuracy and detecting risks in time
- all partners have instant access to all information they are entitled to
- the distributed storage of data and their immutability increase information security
- consistent communication protocols accelerate integration and development
- the large amount of reliable information helps to develop artificial intelligence, thus making it possible to further automate many processes
The intensive development going on in this field is far from superfluous: many studies conclude that accelerating the supply chain would bring a significant increase in global GDP.