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Digitizing Supplychain using DAML
Inspiration
End-to-end tracking in the supply chain is made more transparent and accurate using Blockchain, a digital record-keeping technology used in cryptocurrency networks. Organizations can digitize physical assets and generate a decentralized, immutable record of all interactions, allowing them to track assets from manufacture to distribution or end-user usage. This can also assist supply chain organizations/players address some of the existing challenges by establishing a comprehensive, transparent, and tamperproof history of information, inventory, and financial flows in transactions.
What it does
Automating and controlling stock traceability and supply chain visibility are aided by supply chain management. Digital supply chain operational solutions for deadstock prevention via track and trace, inventory management, product recall, and identification of any illegal prevention of diversions. This allows for more accountability and transparency among all supply chain stakeholders by utilizing smart, tamper-proof supply records and ledgers.
We have developed a platform that tackles many of the main issues faced by businesses when managing their supply chains in a multi-cloud environment.
We have integrated with well-known and widely used cloud platforms such as AWS. Bringing together all the different Stakeholders involved, such as retailer(s), manufacturers, and distributors, in a shared network.
The Blockchain protects data privacy and domicile requirements. The data does not need to be reconciled because the DAML layer ensures that it is clean and consistent. Supplier analytics are simple to set up and use for performance management and improvement.
How we built it
We have come up with the solution using the Blockchain functionalities of Seamless collaboration, Inventory management, AI & analytics acceleration, and Provenance to address the existing Supply chain challenges.
The potential applications of Blockchain technology and smart contracts to supply chain management were thoroughly investigated. Pressures from retailers, manufacturers, and distributors to achieve sustainability targets drive us to look at how blockchain might solve and help supply chain sustainability. Part of this thorough analysis includes determining how blockchains might overcome a variety of possible hurdles. Blockchain-led business and supply chain transformation can give insights into overcoming hurdles and implementing blockchain technology for the supply chain management.
Challenges we ran into
Today, the pharmaceutical supply chain confronts many problems involving multiple stakeholders, each with its complicated requirements and a lack of end-to-end process transparency, and disorganized storage of time-sensitive data. The fact that each stakeholder has distinct data requirements complicates data quality. Furthermore, it is currently impossible to monitor and evaluate information accuracy as well as security against human mistakes and missing documentation. The problem is exacerbated by the fact that supply chain participants like manufacturers, transportation firms, distributors, and pharmacists do not have comprehensive insight into the legitimacy and quality of medicine while it is in route.
A comparable problem arises in organizations owing to the deployment and use of numerous ERP systems across business lines, as well as the continual interchange and reconciliation of data across different ERPs, warehouse management systems, procurement systems, forecasting applications, and data warehouses.
Accomplishments that we're proud of
We hope to stimulate the study of blockchain technology from the standpoint of supply chain management, identify possible areas of application, and give a roadmap for future research.
The excitement about the possibilities offered by digital ledger technology is evident. There are numerous ways in which blockchain could transform supply chain management practice, including improving product safety and security, improving quality management, reducing illegal counterfeiting, improving sustainable supply chain management, advancing inventory management and replenishment, reducing the need for intermediaries, impacting new product design and development, and lowering the cost of supply chain transactions. Considering blockchain is at a mature level of application and research, supply chain management researchers have a chance to examine the technology and influence its implementation.
What we learned
There are several chances for organizations to gain a competitive edge by embracing blockchain technology ahead of the competition, allowing them to improve their market position. However, managers must analyse the features of their goods, services, and supply networks to determine if they require or would profit sufficiently from blockchain implementation. Furthermore, it is critical that businesses acquire human capital knowledge that allows them to design, deploy, and utilize applications of this technology to their full potential.
What's next for Digitizing Supply chain using DAML
The pillars of this new paradigm, according to blockchain enthusiasts, are transparency, speed, accessibility, and non-falsifiability. The use of blockchain technology should make it considerably more difficult, if not impossible, for illicit or counterfeit items to enter legitimate supply chains, such as adulterated or non-compliant excipients or commodities whose processing is harmful to the environment. It would allow end-users to verify exactly how, where, and by whom the product they want to purchase was built and manufactured, therefore preventing a market for illicit and counterfeit goods.
This is a significant advancement in supply chain authentication and validation, but it cannot and was never meant to replace traditional quality and auditing standards required at each step of potentially establishing a transactional record. As each of these auditing stages is completed, it becomes part of the transactional record, allowing someone at the end of the supply chain to verify that proper audits were performed by legally certified authorities and therefore 'trust' the entire transactional record.
Blockchain technology is a significant advancement for excipient supply chains, facilitating the delivery of unadulterated resources, processes, and transport verified excipients, but it does not eliminate the need for quality checks.
Since there is no alternative for understanding and interacting with your source, random audits by qualified entities of the provider and supply chain are used to confirm and certify a supply chain.
Although the use of blockchain technology should speed up the process and make the transactional record more durable and trustworthy, other rate-limiting phases in the excipient supply chain, such as transit and testing time, will continue to exist.
In terms of sheer speed, blockchain is dedicated to financial transactions in which no physical commodities are exchanged, but that does not rule out the benefits this might provide in terms of enhancing the excipient supply chain.
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