Manufacturing Industry

Optimizing the Manufacturing Supply Chain with a Block chain based Technology Solution

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Manufacturing Industry

Manufacturing supply Chain

The highly fragmented and dynamic manufacturing industry is grappled with challenges that arise as a result of incredibly complex supply chain ecosystem. With huge number of stakeholders involved in the chain, the issues of low transparency, data silos, unstandardized processes, etc have become rampant. These issues are further compounded with stringent regulatory guidelines, manual processes and legacy technology that fail to provide the required technology infrastructure to resolve these issues. This makes it difficult to track the provenance or origin of goods, as well as the status of shipment as and when they pass through the supply chain causing friction in doing Global trade.

To remain competitive and improve their efficiency, manufacturers need to leverage a technology solution that can optimize and future-proof their supply chain. Blockchain – A distributed ledger technology can help overcome the pain points of manufacturing supply chain while help realize substantial gains by optimizing the supply chain.

How Can Blockchain Address the Pain Points of Manufacturing Supply Chain?

Blockchain creates a web of trust amongst the participants of the supply chain and offers the following benefits:

Streamlined Procurement:

Complex supply chain ecosystem poses a major challenge of transparency. Blockchain provides increased visibility into the manufacturing processes by tracing the provenance, as well as movement of goods in the chain. The smart contract functionality of the Blockchain helps in streamlining the procurement process by executing terms and conditions related to delivery payment, shipping authorization and more after taking in information.

Improved Security and Enhanced Quality Control:

As every product with a unique RFID code or tag moves through the Blockchain, an automatic record regarding the products origin, genuineness, storage, chain of accountability and other relevant information is created. With an IoT powered Blockchain system in place, manufacturers can automate the entire process and track the entire journey of the product in real-time. Furthermore, quality control is assured as a record of every process and person that might have affected a product from manufacturing unit to the end-user gets uploaded on the ledger. This allows the stakeholder to track and resolve the problem.

Decentralizing Economies of Scale:

As compared to conventional supply chain that has a centralized authority for verifying records, Blockchain offers a decentralized platform where data is accessible to every participant of the supply chain. This does away with the need of intermediaries and the costs involved in maintaining them. As a result, barrier to entry for small and medium sized enterprises is removed thereby allowing them to compete more efficiently.

Lays the Foundation for Industry 4.0:

An IoT powered Blockchain system along with predictive analytics and smart contract functionality creates a holistic system that can automate the entire supply chain with the status of its journey at every point being recorded. This and similar other use cases imply that this technology is heading us towards Industry 4.0.

Why Sofocle?

As a leading provider of enterprise Blockchain solutions, Sofocle offers its flagship product ‘sofoChain’ for the supply chain industry. Our market ready product establishes trust and transparency amongst the participants of the manufacturing supply chain by providing easy and equal access of data regarding the status of product at different points of the supply chain. By automating the processes using smart contract functionality, sofoChain establishes end-to-end traceability and supply chain visibility.

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