Modern supply chains have become increasingly interconnected through globalisation. As these networks grow, stakeholders require more and more sophisticated systems or else they risk falling in competitiveness to their peers.
A fragmented, sparsely connected network of stakeholders lacking a unified solution and visibility leads to confusion among carriers and exposes stakeholders to risk such as high costs, fraud, regulatory violations, and more.
Changes in the supply chain ecosystem requires flexibility and adaptability. This is increasingly difficult and costly with outdated information systems, resulting in erosion of margins.
Fragmentations and siloed data means that stakeholders are forced to trust each other. Stakeholders are forced to constantly reconcile information to ensure accuracy, resulting in efficiency losses.
GoTrace is GoChain’s enterprise-ready track and trace platform and turnkey solution.
End-to-end mobile (iOS & Android) load/asset scanning with GPS, timestamp and hashed data recorded on the blockchain for traceability and auditability.
End-to-end mobile (iOS & Android) load/asset scanning to prove that raw materials were not “harvested” via unsustainable or immoral practices or from exploited workers.
Intuitive dashboard, timely alerts, and reporting ensure unparalleled transparency & assurance as well as ability to grant access to other stakeholders as needed.
World Economic Forum In collaboration with Bain & Company and the World Bank
The industry is currently fragmented with a sparsely connected network of stakeholders that lack a unified solution. GoChain's public and private blockchains permit stakeholders across the supply chain to share trusted data, erase silos and allow for seamless information flow that's transparent and secure.
As the global supply chain process becomes complex and competitive, freight and shipping companies require new ways of managing their assets in real-time to gain valuable insights. GoChain's upgradeable smart contracts give your business an edge in the marketplace by tracking every step of cargo transfer. Every participant in the supply chain has access to a secure asset record and receives verification of delivery along with notifications of loss or damage in real-time.
Agricultural commodities, medical supplies, and pharmaceuticals are a few examples of perishable goods that require temperature-controlled transport. Smart contracts create a time-stamped record of transfer from the point of origin that allows the receiving party to confidently assess and verify the quality of delivered products. Combining smart contracts with IoT devices, sensors, and AI platforms Most importantly, a transparent ledger of time-stamped conditions also mitigates risk associated with equipment failure, reduced shelf life, and compromised product quality.
For the broader freight and logistics network, smart contracts can be connected to the brokerage marketplace to identify and match shippers and carriers. A consortium network of independent parties can view purchase orders and requests for cargo transfer at the point of origin, distribution center, and shipyard to accurately connect order bids to fleet operators and expedite order fulfillment. Smart contracts have the ability to validate and process a brokerage agreement between two parties with minimal paperwork and time, which further increases rate of return and ROI.
Paperwork alone can account for up to half the cost of container transport.
Tied up in disputes for payments in the transportation industry.
Cost of paperwork alone in container transport.
It is estimated that a single trade finance deal for a commodities cargo shipment by sea can require 36 original documents and 240 copies from as many as 27 parties. Integrating blockchain in trade finance can save weeks, if not months, freeing up capital for all parties.
Using Smart contracts, you can automate processes such as executing payments to stakeholders when their step in the chain is completed.
Making financial documents accessible through blockchain allows them to be reviewed and approved in real-time, eliminating delays initiate shipment.
Free up capital and eliminate intermediaries including banks and insurance companies that are required today.
Deloitte Global Supply Chain Risk Survey
Transparent tracking of shipments from start to finish. Know exactly where your shipments are during the entire shipping process.
Accelerates supplier onboarding and lifecycle management by helping suppliers create a trusted, digital identity that they can use with multiple buyers.
Leveraging blockchain injects new trust into the system creating a tamper proof record of what is authentic straight from the source.
Consumers demand ethically sourced products. Prove that items have been sourced responsibly using blockchain-enabled end to end tracking.
Changing the world with blockchain has never been easier. No other company makes it faster or easier to achieve blockchain success. Wherever you are on your blockchain journey, we'll meet you there.