Waltonchain | The best blockchain-based supply management project?
Try to imagine all the products in a person’s life. A daunting task no doubt, but when given closer thought and attention, it’s easy to take for granted the sheer number of items people use and take for granted in their daily lives.
Whether it’s our clothes, mobile phones, laptops or even our food, on their own they are not very noteworthy but try to imagine the vast distances the products traveled and the many hands they passed through before ultimately came into our possession.
It’s difficult to acknowledge how individual parts are processed from natural resources, manufactured, machined and shipped worldwide, and it becomes clear that consumers can live simple lives because there’s an incredibly complex system in place to provide the supply to meet consumer demand.
When analyzing the inner mechanism of the global market, logistics is key- specifically the supply chain, which deals with how products are moved from the supplier to the consumer.
To better understand the supply chain, it’s ideal for understanding the ‘Flow of Manufacturing Costs,’ which refers to the process of using materials and labor to complete a finished good that can be sold to a consumer.
A Supply Management System can reduce the cost and complexity of the manufacturing process, particularly for a manufacturer that uses many parts, such as a clothing manufacturer.
A supply chain management system can forecast when materials are needed and can plan production. The system can help minimize the amount of material and parts that sit on a factory floor waiting to be used in production.
This is where Waltonchain (WTC) and their RFID backed blockchain come in four main implementation areas as follows:
- Production: when a product is produced, an RFID tag is generated; this product will be recorded at each child node in the production.
- Warehousing: a product is stored in a warehouse after production, which is tracked by the RFID tag, such as check-in, location, and check out details of the product in the warehouse.
- Logistics: the status of a product can be tracked during transportation, which is very is very useful when multiple forms of transportation are used.
- Stores: Product information can be tracked in the stores such as consumer preferences and purchase information which creates a nice feedback loop to the first stage in this process- production.
The primary criticism of Waltonchain would be that existing centralized systems already exist and can offer some of these services. There already is an Enterprise Resource Planning (ERP) system in place that can notify a manufacturer the moment a Universal Product Code (UPC) barcode is scanned by a cashier.
However, digitizing assets through a blockchain is a groundbreaking concept, because it’s challenging to guarantee product authenticity without a blockchain, which relates to asset ownership and counteracting.
Essentially there wouldn’t be a $500 billion counterfeiting industry if the current centralized systems could verify authenticity.
However, they can’t as authentically tracing product origin is impossible if working within the restrictions of a fragmented and mutable system.
This is why Waltonchain can be a complete solution for such embedded problems. Blockchains are immutable, and they are comprehensive. With Waltonchain, it would be possible to implement an RFID chip into the supply chain- that tracks the product from its productionàwarehousingàshipmentàpurchase.
This system could enable purchasers to view the entire timeline of that product and prevent counterfeiting and frauds all in one go.