In quest of developing a successful Lot traceability system, companies entrust blockchain to generating disruptive transformation.
Product traceability has become a global societal concern to ensure the quality, safety, and sustainability of goods, especially to companies in the supply chain industry. There are high risks of operating without traceability, including loss of market share, competitive disadvantage, unregulated liability, harm to the brand, and lost profits.
The involvement of emerging technologies is gradually having a powerful effect on a traceability system, especially blockchain. Following the financial sector, the supply chain is said to be the next booming area of blockchain. Walmart, IKEA are some famous enterprises that have started to adopt blockchain.
Blockchain can transform the Lot traceability systems of these enterprises in many aspects. Here are some essential criteria of excellent traceability that can be upgraded with blockchain.
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Top 5 criteria of a great Lot traceability system that blockchain can upgrade
Gaining Lot Control:
Lot detection should be related to significant occurrences or features in the processing process for the purposes of traceability. The lot might be the date of shipment, a shift change, or a change in the supply lot.
Industries have varying requirements for lot management, so review the correct lot sizes as well as consumer specifications for your business. However, blockchain can help companies to manage these lots orderly regardless of the diversity of requirements. The ability of immutable storing data access blockchain to make this process simple.
Implementing Container Identification, Labeling, Lot Tracking, and Validation
It is crucial to link the identification of the output lot or the serial numbers of component/constituent lots. Combining blockchain and other tracking devices is an excellent way to mark and record every event that happens to the lot.
The immutability of blockchain once again shows its advantage in remaining the integrity of data, making sure the serial numbers are matched from end to end. The consistency of container series number and label benefit trading partners as well as customers with the proper product, which avoids unexpected liability, customer returns, and added cost.
Checking Lot Acceptance and Quarantine
Containment of unapproved or suspicious items will be the next priority to resolve. It is possible to use a blockchain traceability system to digitize inspection results and bind them to the commodity lot, as well as quarantine lots until they are done with the inspection.
A substance foundation for product tracking throughout the process to deal with lot control, tracking mapping is essential. The flexibility of the blockchain allows the Lot traceability system to link to many automation tools that collect lot data, process-specific information.
Providing documentation of what was made, how, with the correct content, by whom, can be a helpful tool for your clients, analysts, and legal team. An added benefit of using a blockchain traceability system is to correlate that information for process enhancement, defect investigation, and early warning.
Feedback & Compliance of the Procedure
Blockchain traceability mechanisms may offer reliable and comprehensive output details to upstream systems as a result of defining the commodity along with monitoring movements and use.
It is possible to exploit traceability to coordinate schedules, maximize order fulfillment, enable the development and distribution of JIT/JIS, even enhance product and process design. Complex build-to-order and modular call-off completion can be powered by immediate WIP control and process signaling.
Companies are benefiting from the blockchain traceability system
These are two among many companies using blockchain traceability system for their future plan:
For a global company like IKEA – a furniture and home goods retailer, producers and consumers are truly global in scale. Companies desperately need a system of scaled transaction processing, which is tailored to their constraints and real needs.
Current Lot traceability system solutions are costly or imperfect and give rise to problems related to the organization and trust. After tracking events in the supply market context, seeing immutability as a fundamental rule of product handlers, the company chose private blockchains and needed authorization.
Provenance, a UK’s start-up, is one of the early pioneers in monitoring goods on the blockchain along a supply chain. By introducing its blockchain-backed approach with over 1000 food and drink firms by 2025, the organization plans to leverage its investment to create a higher benchmark for customer confidence in the food industry.
The company has successfully implemented tuna tracking through the Southeast Asian supply chain and a pilot project with the world’s largest consumer cooperative to track fresh produce from origin to supermarkets. As a result, to complement the continuing financing, Provenance has raised $800k (£650k) in private investment and to enable business releases in the UK and beyond.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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