sofoChain – Product Supply Chain Management
A Blockchain-based solution that helps in determining and proving provenance of a product and securely track & trace exactly where product is in a Global Supply Chain
sofoChain allows enterprises to more securely and transparently track & trace physical goods as they move from one node to another in a Supply Chain, right from the production of raw material to the manufacturing of finished goods, till it reaches the hands of the customer.
- Create Digital Passport of Physical Assets: For the quantity and transfer of assets as they move between supply chain nodes, like trailers, containers etc. thus avoiding any fake or counterfeit products and verifying the chain of custody.
- Link & Assign Properties to Products: Like serial numbers, bar codes, color, quality, etc.
- Eliminate Double Spending: By tracking purchase orders, change orders, receipts, shipment notifications and other trade-related documents.
- Verify Certifications and other Sustainability Standards: Since they are all linked to the Digital Passport and are not just mere stamps or images, thus assisting in the chain of verification.
- Track & Trace: So that the poor products can be track and trace back to various stages of the Supply Chain through which they have passed.
How It Works?
sofoChain works on the concept of tokenizing physical goods by capturing and storing key elements of a physical asset in the form of a Digital Passport.
sofoChain’s Digital Passport is formed by the aggregation of information, added by many stakeholders, in each step of the Supply Chain. This information is agreed upon by all members of the Blockchain network. And once there is an agreement, it becomes a permanent record that can’t be altered.
The stakeholder can be:
- Raw Material Producer: Add details like raw material origination details, quantity, batch number etc.
- Manufacturer: Add details of factory and processing data, expiration dates, storage temperatures, shipping detail etc.
- Sustainability standards and certification (e.g., ISO, Fairtrade): Certify certain physical properties of the physical goods and attach this information to the product deatils, which is already present on the Blockchain.
- Distributors/Retailers: Add info on PO, Invoices etc.
- Registrars: People who actually records the physical information of goods on a Blockchain.
The digital identities of the physical goods are created by linking the serial numbers, bar codes, RFIDs of the trailers/containers/boxes containing these goods.
Once digital passport of the physical ID is formed, it gets tokenized, on the sofoChain’s Blockchain. Then, this token can be utilized to track & trace the product in the Supply Chain & the chain of the custody, as well as to prove the source of its origin (provenance).
Benefits of Implementing sofoChain for Product Supply Chain Management.
Through sofoChain, an enterprise can:
- Identify & Eliminate Counterfeit Products:: Since the information of the product gets recorded on the Blockchain and gets tokenized.
- Pinpoint Diverted Good: The solution can identify if a product was diverted from its original destination.
- Safeguard from Fraudulent Transactions: The solution provides a transparent platform, in which any kind of fraudulent transaction can be identified and track throughout the system.
- Trace Stolen Merchandise: The system can easily trace and locate stolen merchandise.
- Eliminate Duplication of Products: sofoChain makes it impossible to duplicate products, so there is no need to rely or trust anyone.
- Verify Globally: sofoChain creates a truly Global solution which can be verified and monitored by the company itself.
sofoChain has been designed keeping in mind challenges faced by organizations, especially those which have Global Supply Chain. With a strong team of coders and consultants, we are looking to help organization to optimize production, eliminate redundancies and use resources more efficiently.