TRACE

The Problem:

The absence of openness in supply chains fosters a climate conducive to fraud, theft, and unethical behaviour. Without adequate traceability, it is difficult to determine the origin, quality, and validity of products. This lack of transparency undermines consumer trust and brand reputation.

Accurate information regarding where and how commodities are acquired can be difficult to obtain in many supply chains, particularly those with various stakeholders and suppliers. This can create data gaps, making it difficult to track a product back to its source.

The Solution:

The Trace Protocol blockchain platform addresses the key challenge of who pays what, when, where, and how for traceability systems in supply chains, with digital tokens serving as the medium of exchange for key data elements (KDEs), allowing the market to price data and use the system as needed.

Adopting digitization and integrating supply chain management solutions can help to optimize processes and enhance visibility. Advanced analytics and artificial intelligence can provide real-time insights into supply chain performance, allowing for early detection and resolution of problems. Collaboration and information sharing among supply chain partners are also critical for gaining complete visibility.