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Problem Statement: The Drug Quality and Security Act (DQSA) introduced in 2013, is giving the industry until 2023 to institute full, unit-level track-and-trace systems for products as they move through the supply chain in the United States. Also, the pharma industry is faced with a major issue of counterfeit, stolen, contaminated, or otherwise harmful drugs entering the trusted network.The value of the counterfeit drug market annually is $200 billion.
Solution: Digital tracking system that converts the scanned barcode-tagged drugs into secure digital blocks whenever they move through the supply chain. This real-time record can be viewed by authorized stakeholders and even end users in the supply chain.
Problem Statement: In 2016, $460 billion worth of counterfeit goods were bought and sold, according to the International Trademark Association. Also, it gives rise to increase in business costs, erodes consumer confidence, rise in production/ sales inefficiencies, low brand accountability, unfair competition, legal costs and innovation.
Solution: A digital thumbprint is created for the luxury products, which is then digitally written and stored on the Blockchain network. All the stakeholders are integrated to the same digital network to authenticate the brand. A customer can check if the product is genuine or not and uncover facts on the design and brand.
Problem Statement: Retail has redundant management systems and databases across organizations and business partners, for e.g. the double entry/ record keeping across the supply chain by suppliers, distributors and other partners. The margins are often affected by high transactions costs both in consumer and B2B payments.
Solution: Using Blockchain we map a product’s chronological history with data and information of every point in the supply chain. This can be considered as a single source of truth therefore creating absolute transparency on the products. The redundant out-of-sync system can be replaced by a standard block of information for all stakeholders. The middlemen of transactions like banks, credit card processing and checking are eliminated to transact directly with no or very low fees with speed.