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Blockchain for Supply Chain Transparency Solutions

Building Trust Changing Supply Chain Transparency with Blockchain Technology

The automotive industry is a complex global supply chain. From raw materials to finished vehicles, numerous parts and players are involved in making cars available for sale. Nevertheless, achieving transparency across this intricate web can be very difficult. The problems of counterfeit components, ethical sourcing issues and logistical complications can be daunting. That is when Blockchain technology appears as an innovation that changes everything.

Another major innovation by RootFacts- the leader in data security and supply chain solutions-is its Breaker Supply Chain Transparency blockchain. This service employs blockchain technology to create permanent recording by which every single component has passed from the stage of raw material to the final manufacturing process. In what follows we will delve into how Autotrack’s naked technological solution empowers automakers towards:

Better Transparency

See everything happening throughout the supply chain right from where it started. Traditionally, following components through a supply chain could feel cloaked in mystery. Through RootFacts Blockchain platform, one can enhance this area with more securedness rather than trade secrets because each step on any part would be captured within it making them trackable back to their sources of origin even as more layers establish themselves here and there till suppliers are all over(do you mean there?). The car manufacturers may use this feature to find out where some of their supplies come from; who supplied them and whether they meet quality standards or not. Just imagine if one considers a situation whereby an essential engine part was being sought after for the newest model of motor vehicle? By means of its Blockchain solution, it is possible for RootFacts to monitor such things starting from their origins up to now (like 1st factory). The blockchain can also safely record such data as mines that produced raw materials for the brake pads’ manufacturer and various transportation routes they took before reaching end-users. Therefore, openness like this helps automakers to ascertain originality of a component, ensure it complies with their quality standards, and discover any possible bottlenecks or delays in delivering.

Just imagine if one considers a situation whereby an essential engine part was being sought after for the newest model of motor vehicle? By means of its Blockchain solution, it is possible for RootFacts to monitor such things starting from their origins up to now (like 1st factory). The blockchain can also safely record such data as mines that produced raw materials for the brake pads’ manufacturer and various transportation routes they took before reaching end-users. Therefore, openness like this helps automakers to ascertain originality of a component, ensure it complies with their quality standards, and discover any possible bottlenecks or delays in delivering.

Combating Counterfeit Parts

Prevent counterfeit parts from entering the supply chain thereby protecting vehicle integrity and brand reputation. Counterfeit components can pose a great danger to safety as well as tarnish the reputation of a car manufacturer. Thus, Autotrack provides a blockchain-based system that allows tracing an entire product life cycle as well as verifying its origin at each stage. Car makers will then be able to identify phony supplies and eliminate them from the chain altogether without compromising on their vehicles’ quality and reputation.

Consider for example what may happen if counterfeit brake pads get into the supply chain of a much sought after SUV model? It may be rather hard to locate such fake parts under conventional circumstances before they cause some sort of perilous incident. However, RootFacts Blockchain solution may keep track on where the brake pads came from. If there is an inconsistency between these two points described above this might raise questions in case this discrepancy exists within some records indicating that there was manipulation with information. In turn, this approach enables consumers to stay safe while driving by making sure such acts do not occur again at any cost as far as vetting quality durability are concerned

Superior Sustainability practices

Ensure ethical sourcing of raw materials and promote responsible manufacturing practices in the supply chain. The concern for ethical values and sustainability from consumers is increasing. Ethical sourcing can be demonstrated by automakers through RootFacts Blockchain service which gives transparent account of the origin of the raw materials as well as the conditions under which they were produced. By doing this, it helps in building trust between carmakers and those customers who are concerned about environmentally friendly supplies and sustainable development.

For instance, a luxury car seat manufacturer could get its leather supply from a supplier claiming to practice ethical labor conditions and environmental sustainability measures. Even though receipts of leather hide can reveal much information about its journey such as farms where the animals were raised and tanneries that processed it. If a car producer ponders how to make sure that their products are made up with ethically sourced inputs, this is one way of proving that its claims made by suppliers are real regarding authenticity. Environmentally conscious consumers become more loyal due to transparency involved in it.

Efficient Logistics and Reduced Costs

Optimize logistics processes and reduce administrative burdens associated with supply chain management. Managing a complex supply chain can take up much time and resources. Inside the logistic system RootFacts Blockchain streamlines all stakeholders’ operations by providing safe platform for sharing information among them. This would cause reducing turn-around times since there will not be need for manual data verification and reconciliation.

Let us assume that an automotive part must be shipped from a factory located on Asian continent to another factory in Europe where final assembly will take place (appendix). In olden days, multiple entities would have been involved in exchanging documents, verifying data integrity, ensuring smooth transfer at every step of movement. A single source of truth concerning every shipment is created by using RootFacts Blockchain solution (Laurent et al., 2017). There is real-time information available to all concerned parties whether shipper or car assembler or supplier on the blockchain.