Supply chain is a complex process involving a network of entities – individuals and businesses. Blockchain has been revolutionizing the supply chain industry for a while now and with the pandemic, it has become even more critical to ensure transparency when it comes to quality goods and streamlining process.
Blockchain apart from automating the process be it farm-to-fork or factory-to-home, is making supply chain process efficient and robust. Its interoperability is bringing transparency in the data, ensuring everyone is on the same page - starting from manufacturers to retailers, vendors, logistics providers, and contractors. Tracking of products in real-time and interconnectivity across the globe, reduces the risks of misplacement or goods getting stuck in the supply chain and delay in operations making the entire supply chain efficient. With Smart Contracts, multiple departments like procurement, finance, and legal teams are connected, with separate privileges assigned to each in the contracting process. The finalized version of the contract gets cryptographically stored on the blockchain, thereby ensuring that it is tamper-proof.
Quartz brings to you Smart Solutions for the Supply Chain industry:
- Contract Authoring on Blockchain - A private, permissioned blockchain ecosystem wherein individual departments are connected as nodes, with privileges assigned to access and update specific sections of the contract is the need of the hour for organizations looking to ensure greater transparency in operations. Using the Contract Authoring solution from Quartz, organizations can access the contract, with all the clauses/sections stored on blockchain, and the entire authoring process carried out on the distributed ledger.
- Contract Performance Monitoring: The solution connects organizations to its vendors on a private permissioned blockchain ecosystem. Vendors can own a dedicated node or connect to the blockchain using a shared node. The solution comprises Smart Contracts to monitor events, notify stakeholders, and to automatically execute contract clauses based on completion of pre-agreed events. The solution is flexible to accommodate different types of contracts such as supply chain contract between seller and buyer, vendor contracts for milestone monitoring, as well as for invoice generation and payments instruction processing.
We, at Quartz, are continuously innovating and look to bring to you solutions for Contract Performance Monitoring and many more. Watch this space for more updates. For a demo on Quartz, please reach out to us at firstname.lastname@example.org.