Supply Chain Management
by Blockchain Technology
Benefits of Blockchain Application
Velocity
BENEFIT 01 Speed and Cost
Payments and clearance processes are facilitated because supplier terms, letter of credit, trade finance and ePOD triggered payments are all contained in smart contracts.
Security
BENEFIT 02 Security and Trust
Smart contracts process realizes efficiencies for the whole supply chain security by reducing paperwork required in document transmission, change of ownership procedures and customs clearances.
Transparency
BENEFIT 03 Anti-Fraud
Blockchain technology extends across borders and modes of transport, thus establishing a supply chain partner of choice for multinationals. Madacto’s solution is already localized and supporting shippers and transporters across Middle-east.
Decentralized Application
MADACTO has started exporting products using blockchain technology with the aim of adopting the supply chain management infrastructure using this technology. In order to implement this plan, the supply chain management system has been designed as a Decentralized Application (DAPPs) on the Ethereum blockchain. The executors of each stage of the supply process, record comprehensive information of their own activity on each block in the blockchain. All registered data on blockchain are immutable and will be definitively available to all users of this system, without any changeability.
In order to explain how information is processed in this system, it can be briefly said that each stage of the export process in this project is considered as a series of transactions, therefore the first block contains information concerning the conditions of manufacturing and raw materials providing. Likewise, the information of each stage of the supply chain, is recorded on the application, in consecutive blocks through the system by the actors of this supply chain. The result of this project will be a set of practical information about different export processes -like as production, preparation, packaging, shipping and etc.- and the optimal management of this chain with transparency, velocity and security.
Smart Contract on Blockchain 2.0
MADACTO has started exporting products in blockchain technology with the aim of adopting the supply chain management infrastructure using this technology.
In order to implement this plan, the supply chain management system has been designed as a Decentralized Application (DAPPs) on the Ethereum blockchain. The executors of each stage of the supply process, record comprehensive information of their own activity on each block in the blockchain. All registered data on blockchain are immutable and will be definitively available to all users of this system, without any changeability.
In order to explain how information is processed in this system, it can be briefly said that each stage of the export process in this project is considered as a series of transactions, therefore the first block contains information concerning the conditions of manufacturing and raw materials providing. Likewise, the information of each stage of the supply chain, is recorded on the application, in consecutive blocks through the system by the actors of this supply chain.
The result of this project will be a set of practical information about different export processes -like as production, preparation, packaging, shipping and etc.- and the optimal management of this chain with transparency, velocity and security.
In this application, various stages of supply chain information are displayed as Data Transparency. Some of this information about the saffron products includes:
- Geographical coordinates of the plot of land where the saffron is planted.
- Conditions and time of planting, species of the planted bulbs, planting plan, etc.
- Report about the conditions and the harvest time of saffron.
- Information related to the process of stigma separation from saffron flowers, preparation, and packaging, information such as the license of the packaging workshop, documents and Health Card of employees, etc.
- – Information about the various stages of product transportation which are tracked on the way.