BLOCKCHAIN BASED TRACEABILITY SOLUTION
by Farmonaut
The Blockchain-based traceability solution provided by Farmonaut® is a novel strategy for supply chain traceability powered by Hyperledger Fabric, ensuring a secure and transparent network for tracking the movement and origin of goods or product. This can be administered in a multitude of sectors including agriculture, textiles, automotive , pharmaceutical, luxury goods, and many more.
A blockchain-based traceability solution is a system that uses blockchain technology to track and record the movement of goods and services from their point of origin to their final destination. This solution offers a way to increase transparency, trust, and accountability in supply chains and other industries.
Farmonaut® has developed the traceability solution in such a way that, it outsmarts the conventional methods of tracking and recording the movement of a product. Farmonaut® stipulates a plethora of benefits viz, increased transparency, improved efficiency, enhanced security, better risk management, compliance with regulations and increased sustainability.
Farmonaut® has been propelling in the arena of Blockchain based traceability over an year, providing coherent solutions to enable business efficacy. The traceability solution developed by Farmonaut® works by perfectly curating each and every stage of supply chain right from the point of origin to the point of consumption.
Benefits of Farmonaut's blockchain based traceability?
Traceability is essential for businesses because it provides a way to track the movement of goods and services throughout the supply chain. This can help businesses to improve efficiency, reduce costs, and increase customer satisfaction. Additionally, it can help them to comply with regulations, improve quality control, better manage risk, and improve transparency. By implementing traceability solutions, businesses can gain a competitive edge in today’s fast-paced and demanding marketplace.
How does Farmonaut®'s Blockchain based Traceability Solution System Works?
A blockchain-based traceability system works by using blockchain technology. It typically works by :
- Collecting data about the movement of goods and services, including information such as, the date and time of their movement, and the parties involved in the transaction.
- Followed by Data encrytion, where the data is encrypted using advanced cryptographic algorithms, ensuring that it cannot be tampered with or altered in any way.
- The encrypted data is then stored on a distributed and decentralized blockchain network, where it is maintained by a network of nodes.
- Further the system may use smart contracts to automate the tracking and recording of data. Smart contracts are self-executing contracts that can be programmed to trigger certain actions when certain conditions are met.
- Finally, The system may provide a user interface that enables stakeholders to access and analyze the data in real-time, providing complete transparency throughout the supply chain.
“This traceability solution that can be adopted in various supply chains, including food, dairy, textile, automotive, pharmaceutical, luxury goods, and many more.”
Farmonaut®'s History with Traceability Solutions to Fashion Industry:
Once an year, Farmonaut® has been offering blockchain based traceability solutions to the fashion industry with utmost potency with emphasis on bio-diversity. This technology is powered by Hyperledger Fabric, which is a permissioned blockchain platform designed for enterprise use. It is one of the projects under the Hyperledger umbrella, which is an open-source community led by the Linux Foundation focused on developing blockchain technologies for various industries. This particular scientific advancement has been widely appreciated by the clients for its ubiquitous application, reliability, security, and convenient usage.
This resolution offered by Farmonaut®, permits real-time visibility into your supply chain, enabling you to make informed decisions about your business operations.
For a German Textile Industry which deals majorly with cotton and cotton farms, in order to provide a reliable and trusted solution, Farmonaut is providing 3 services since May 2021 as a solution to solve problems faced by the textile industry: Satellite based Crop Health Monitoring, Blockchain based Traceability and Land Use Land Classification.
Therefore why wait?
Join the Farmonaut® community and experience the power of blockchain-based traceability! Explore, the robust and flexible blockchain blockchain performance with Farmonaut® integrated with Hyperledger Fabric, that can be used for various enterprise use cases, such as supply chain management, digital identity, and trade finance.
Farmonaut®, assures the most secured and trusted form of traceability