Track and Trace makes it easy for all parties of a supply chain to view asset provenance and status in real-time — greatly improving both operational efficiency and reporting capabilities.
One of the key benefits of blockchain technology is its ability to track scarce assets in an incredibly reliable manner. Asset tracking is a core element of many business operations and especially supply chain management.
Track and Trace addresses two unique challenges for supplier networks:
1. Track: Easily review or update information about who has assets are and the what lifecycle state they’re in
2. Trace: Accurate and timely information about asset provenance (where it came from)
Track and Trace on STRATO Mercata enables the following features, with highly flexible levels of customization:
✓ Full lifecycle tracking of the asset from creation to bidding and final exchange
✓ STRATO Mercata’s latest built-in privacy features for data security and visibility
✓ Single-Sign On (SSO) and authorization features
✓ Asset provenance from regulatory perspective
✓ Customize smart contracts to include asset properties specific to your business
✓ Configure the roles and data visibility of your network
✓ Track multiple assets with different SKUs, prices and lifecycles in one app
✓ Securely connect existing ERP (e.g. SAP, Oracle) systems to the blockchain network via API
Manufacturers create the assets that need to be tracked and manage bids for them.
Distributors bid on assets and update their status as they are delivered.
Retailers purchase final assets from distributors.
Regulators monitor all relevant activity in real time
1. Smart Contracts — Assets in Track and Trace are represented by smart contracts containing its key characteristics.
2. Creating the Asset — Manufacturers create and lists an asset and includes custom fields to track such as industry-standard identifiers.
3. Bid & Exchange — Distributors make private bids for this asset. Manufacturers accept a bid and launch a smart contract to track the exchange record and fulfillment of the order
4. Distribution & Application — Distributors can then repeat this process for sale to downstream retailers. Bids and other private information are kept that way by using private chains.
5. Data Visibility (Shards) — Privacy is built in to Track and Trace, and information like price is kept confidential and secure as the asset exchanges hands.
6. Dashboard and Compliance — All the while, regulators have visibility into all bids and transactions in real-time. All parties can see the blockchain “back end” of their respective data visibility from the Management Dashboard.