Trust and fraud detection
With a single shipment oftentimes involving over 20 parties with roughly 200 interactions between them, there are numerous opportunities for dishonest behavior. These include:
- paperwork manipulation,
- shipment counterfeiting,
- fabricating data about cargo condition,
- goods theft,
- requesting fines under a false pretext.
With our solution companies can detect and combat fraud by tracking and validating every step of the supply chain process, benefiting both the buyer and manufacturer.
Trustworthy and detailed product lineage process can quickly help with:
- identifying parties impacted by recalls,
- locating faulty batches,
- providing proof that a product was sustainably grown or manufactured.
Great examples include both Walmart and the Australian meat industry using blockchain to record and track information about beef or IBM helping with tracking of ethically sourced coffee.
Enhanced data visibility and transparency
Telematics, IoT, RFID, NFC tags and similar technologies are already improving the TLS industry, but the collected data is siloed across the organizations in the delivery chain. Utilizing blockchain technology provides:
- access to the same data by all parties,
- real-time information acquisition,
- permanent data storage,
- tamper-proof information,
- tracking modifications to stored data.
By reducing the analog gaps, DLT can help with gaining an insight into where the shipment currently is, predict arrival times and help drive cost reduction.