Blockchain data API technology provides an unprecedented level of security and transparency for transactions. By leveraging immutable distributed ledgers, companies can track a product's history through the supply chain.
This information is securely and permanently stored, creating a detailed record of when and where products change hands. This can have a profound impact on supply chain management performance.
By establishing a shared platform, parties involved in the transaction can significantly improve efficiency by reducing intermediaries; This reduces the risk of fraud, as fewer agencies are likely to obscure records or provide space for malicious activity. In addition, extensive record-keeping helps pinpoint the source of fraud when an error occurs, further limiting any financial loss due to negligence. As such, blockchain data API technology is an invaluable tool in the modern era, with great potential for businesses seeking to cooperate.
Sharing supply chain data with blockchain data API-based ledgers can improve operational efficiency and accuracy. By providing a permanent, trusted, and tamper-proof audit trail of all activities, companies can securely share relevant information with counterparties in any part of the chain. In addition, this technology enables them to synchronize logistics data, track shipments, and automate payments without major modifications to existing systems. As a result, blockchain-powered solutions establish a reliable path to reduce costs by simplifying processes on the chain, while increasing efficiency and security.
Blockchain in supply chain use cases
The introduction of blockchain data API in the supply chain has made many applications possible. In particular, the company is focused on using this technology to improve the traceability and visibility of its products. Distributed ledgers allow for a comprehensive view of how each project changes over its course, creating an immutable record that cannot be altered by anyone without the permission of all stakeholders.
In the logistics and supply chain industry, there are many use cases for blockchain technology; These include:
PepsiCo's blockchain pilot project Proton uses automated smart contracts to improve the efficiency of the company's programmatic advertising supply chain. These digital protocols can coordinate data from multiple sources and perform payments quickly and securely using digital tokens, significantly reducing processing times by 28 percent. With this successful effort, PepsiCo has demonstrated the tremendous potential of DLT technology to streamline processes and reduce costs for modern businesses.
Australian car manufacturer Tomcar has embraced the practice of using Bitcoin to pay suppliers. In addition to the need to waive international payment fees, customers in Israel and Taiwan have also started making payments to Tomcar in Bitcoin. Using Bitcoin is cost-effective for both buyers and sellers, enabling them to easily transact without relying on third-party services such as banks or financial institutions. In addition, it makes money transfers safer than other forms of money. By adopting this technology, Tomcar continues to demonstrate its forward-thinking approach to doing business both locally and abroad.
The application of blockchain data API technology in the field of food safety provides a practical and reliable way to track the food production process. For example, Walmart uses IBM's blockchain-based Food Trust system to ensure that they comply with food safety standards when handling products. Other well-known companies such as Nestle, Tyson Foods, Carrefour, and Raw Seafood have also adopted Food Trust to monitor product routes throughout their supply chains. The benefits of blockchain technology in terms of digital record keeping are invaluable in the food industry; Its transparency allows for better tracking and accountability when monitoring every step of the production process.
Mining giant BHP Billiton is leading the digitization of its business, leveraging the benefits of blockchain data API technology to streamline its supplier verification process and ensure it meets environmental and social standards. The company previously made headlines for completing a $14 million iron ore deal using the MineHub platform, which has successfully reached an agreement with China's Baowu Steel Company.
Sappi, a South African paper company, and Birla Cellulose, an Indian fabric producer, have created an innovative platform called GreenTrack that tracks fabric products through multiple production stages to their origin in sustainable forests. As a result, major industry players such as Walmart and Marks&Spencer can gain valuable insight into the sustainability of their product sourcing while increasing transparency, thereby assuring customers that fashion has minimal environmental impact.