One of the key issues in supply chain management is quality and compliance. Enterprises need to ensure that they meet local and international regulatory standards in manufacturing, packaging, handling, and shipping of their products by compliance documents such as permits, licenses, and certification. These complex and lengthy processes are vulnerable to go wrong or forge. Furthermore, delayed data sharing can drive 13%-25% of operating costs. We built a prototype application involving manufacturer, distributor, retailer, end customer, and auditor to demonstrate how blockchain could be a promising solution for knotty supply chain problems.
Product counterfeiting happened all over the world in various industries. For example:
- Last year, EU customs authorities seized over 31 million fake goods. Food accounted for 24% of these, and there has been an increase in potentially dangerous goods like medicines or healthcare products intended for day-to-day use
- Almost half the fake and low-quality medicines reported to the WHO between 2013 and 2017 were found to be in sub-Saharan Africa. Substandard or fake anti-malarials cause the deaths of between 64,000 and 158,000 people per year
This project focuses on solving quality, compliance, and delayed data sharing problems in pharmaceutical manufacturing by transparency and integrity of blockchain technology.
– Build a secure and incorruptible product or component identity
– Create a decentralized database allow data sharing instantly
– Minimize bullwhip effect to improve suppliers’ order quantity decisions in supply chain models with known and stationary demand
– Remove artificial errors by allowing it integrable with IoT sensor