The COVID-19 pandemic has forced many companies to rethink how they go about their routines in their daily operations. Blockchain and other distributed ledger technologies can provide the infrastructure for enabling and scaling digital online services through trust and transparency. These extraordinary times increase the urgency at which businesses need to evolve to adapt to the environment we find ourselves in today and into a post-COVID-19 future.
As the COVID-19 pandemic continues to evolve, there has never been a more pressing need for organizations to rethink and reconfigure their businesses for a changed world. Many of the customers of Wing Cheung Hing Knitters (WCH) has been asking for a system of tracking the products before they reach to the customers. WCH came up with an idea of “StockInTech” which provides reference implementations of supply chain-centric data for packaging industry with IoT (Internet of Things) through the latest blockchain technologies.
Advantages of StockInTech (SIT):
- Food Safety – Unique product identification enables businesses to see products and implement an effective product recall should it occur. It also allow consumers to access information such as manufacturer details, nutrition and allergen data.
- Improved Security – Capturing accurate product data helps enable sustainable buying decisions, ensure authenticity and satisfies regulations that requires companies to maintain reliable data on the sustainability of their products.
- Traceability – Master data is aligned among trading partners so that the product data is traceable across the entire supply chain.
- Cost Effective – Million dollar of saving in transportation and material handling cost could be avoided by using the GS1 Global Data Synchronization Network (GDSN).
- Integrate with Your Existing System – Inventory anddelivery information is stored in your existing warehouse management system and data can be shared via GDSN and standards-based EDI messages.
- Inventory Control – Dispatch Advices containing the relevant product and shipment information, order response and invoice, are sent to trading partners in advance of shipment arrival. This improves inventory and warehouse management operations.
“StockInTech” is a platform for building supply chain solutions that include distributed ledger components. This project provides a set of modular components for developing smart contracts and client interfaces, including domain-specific data models (such as GS1 product definitions), smart-contract business logic, libraries. GS1’s “ Global Language of Business” connects the physical and digital worlds. Identification of objects, assets, locations, etc. and automatic data capture are powered by GS1 bar codes and EPC/RFIS. GS1 standards for data sharing enable interoperable, trusted and transparent data which are foundational to unleashing IoT capabilities. GS1 also provides a trusted foundation for the responsible use if the technologies behind its standards – paving the way for the future of IoT by providing best practices for risk assessment and data protection.