Ensuring the the chain of custody in a supply chain is complete and correct prevents disputes, incorrect billing and loss of process integrity. Blockchain can solve some of these challenges by providing a ledger accessible to all relevant parties to contribute their share of the administrative data and authorise transfer of ownership or payments.
CC1 Blockchain uses both GPS and QR code tracking to integrate any number of static and dynamic data points to be recorded with reference to the original contract and supplier. Any number of events can be specified along the value chain to be recorded as provenance to the final delivery.
The chain of custody can be supported by the use of digital certificates and tokens in the blockchain environment. Title is ascribed to the entity which owns the certificate which can be traded for digital tokens or FIAT currency.
Blockchain solutions can be either Private (permissioned to specific users) or Public (accessible by everyone). Private ecosystems that only invite relevant counterparties allow participants in the value chain to capture and process data and events in a single secure collaborative platform.
Existing systems that process information for value chain participants in a specific and tailored fashion, need not be retired in order to take the benefits of blockchain. Messages can be passed to and from the blockchain platform that mirror the records and transactions in legacy RDBMS systems.
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