Bringing Trust to the Supply Chain
By its very nature, blockchain provides the security and transparency that a fully integrated, cloud-based supply chain platform requires. Traditional databases just can’t be trusted. It’s too easy to change the data, and there are too many players involved who are motivated to make edits – for financial or other interests. For an integrated, cloud-based supply chain to function, vendors, suppliers, partners – all of the entities involved must be able to trust each other’s data.
A web3, blockchain-enabled system can give you that trust.
The data in a blockchain cannot be changed, it can only be added on to the chain, creating an immutable record that is also transparent and instantly auditable.
Blockchains are also not stored on one central server, they are distributed across a large network, so any attempt to modify the chain is flagged by other computers in the network.
Trusted data makes blockchain a game-changer – every process becomes faster, more efficient and less costly:
- Fewer intermediaries
- Instant audits
- Smart Contracts – automated actions
- Far more accurate forecasting and analytics
Many industries are rushing to take advantage of the security, efficiency and overall trust in data that blockchain provides. Supply chain management is an ideal application for blockchain, one that Gray Matters pioneered with the first enterprise-grade, blockchain software platform for one of the most demanding U.S. Government agencies.
Here’s how it works:
