How Can Blockchain Help Businesses Resolve Issues Related to Product Recalls?

Be it the outbreak of E. coli in Romaine Lettuce that was highlighted and recalled by Grocery giant Walmart or the incidence wherein defective accelerator pedals sold by Toyota resulted in several accidents or the case of tainted oral polio vaccine containing strains of type 2 polio vaccine virus, there have been countless such instances where customer safety have been compromised. So, what is it that you find common in these instances? Yes…you guessed that right. It is indeed the need to recall the contaminated, counterfeit or defective products that had made their way to the market and ultimately the customers via the supply chain.

While recalling a contaminated/ counterfeit product is a proactive step towards customer safety, it can be an extremely overwhelming situation for businesses who have to deal with huge financial, as well as reputational damage. To respond quickly to such situations or incidents, businesses require becoming recall-ready by bringing in place a technology solution that can provide businesses with the degree of traceability required to deal with such crisis situations.

Blockchain – A shared ledger technology could be the answer to issues surrounding constant recalls, counterfeit products and consumer safety. By allowing stakeholders figure out the point of failures while alerting them at the same time regarding a potential mishap, Blockchain will not just help manufacturers/growers respond faster but will also ensure consumer safety.

With a Blockchain powered solution in place, retailers can provide their customers with indubitable proof of the provenance and product authenticity at every step within the supply chain. By leveraging Blockchain’s distributed ledger, harmonized database and robust encryption abilities, along with its capability to create smart contracts, retailers can gain advantage over their counterparts to successfully collaborate and augment trust across the value chain.

How Can Blockchain Expedite the Process of Recalling?

Within a value chain, a blockchain can accelerate the recalling process by providing the granularity required to recognize the problem and contain it. This way Blockchain could help retailers save millions of dollars by recalling only the product batch that is defective or contaminated. This would help curtail lengthy law proceedings, shorten investigations and sustaining liability all through the value chain.

With an iOT powered Blockchain solution in place, retailers (especially those a part of complex supply chain) can unlock unprecedented value. Such a solution can help simplify tracking and process automation for genuineness and tracking of provenance. This reduces risk, enhances customer safety and streamlines compliances.

While the IoT sensor present in such a solution tracks various aspect such as sourced components, as well as the real-time location of device within the supply chain; blockchain acts as a verified, shared system-of-record that archives and timestamps the complete string of events for the purpose of authentication and process automation. This provides the participants of the ecosystem with the transparency and visibility to deal with the risks associated with product recalling.

Quick Wrap Up:

It goes without saying that Blockchain has the potential to offer a convincing way of fixing complex supply chain issues such as product recalling for creating huge value. With an iOT powered Blockchain solution in place, the data pertaining to status of a product during transit or shipping can be captured, which further simplifies the analysis of root cause and auditing besides resolving issues related to product recalling and claim settlement.

How Will Blockchain Transform the Consumer Electronics Industry?

The multi-billion-dollar consumer electronics (CE) industry is one of the most dynamic industries. Over the past couple of decades, it has undergone rapid changes with the market being primarily governed by the way products are being positioned, purchased and re-ordered. Furthermore, the industry is also underpinned by endless chain of innovations leading to an amazing array of products to suit every need and wallet. Apart from this, the emergence of middle-class families in developing countries and the cost-cutting strategies used by some major CE players to meet new customer demands has also contributed to the growth of the global CE industry.

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How to build an Effective Blockchain Solution?

The Blockchain technology was launched through the paper titled Bitcoin, by, Satoshi Nakamoto, in 2008, as an amalgamation of public key cryptography, cryptographic hash functions, and proof-of-work consensus protocol. Technically, Blockchain is a digital ledger of records that are gathered in clumps of data called blocks and these blocks are connected with other blocks, eventually forming a chain ­­­­­­­­­- a Blockchain.

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