Traditional supply chain management is marred by long, time-consuming processes, a lot of paperwork, a lack of transparency of transactions and data security.
Credits is a novel solution for solving the problems of supply chain management – it utilizes the cloud, blockchain, AI and IoT to make supply chain systems more efficient. With state-of-the-art blockchain architecture, IBM Cloud and IBM Watson, Credits has developed a comprehensive supply chain solution for Russian manufacturers. The use of IoT and blockchain will help in automating several processes of supply chain management leading to significant time and cost savings for companies.
The prototype of the system has proven that it has the necessary processing speed and storage capacity to handle a large number of transactions related to IoT. In the proposed model, high efficient data collection from transacting parties and the quick achievement of consensus between them allows modern businesses to speed up their operations, increasing economic productivity.
The Credits platform, in conjunction with the IBM cloud system, can also solve the problem of data manipulation with blockchain – every transaction is hashed and the hash is stored immutably on the blockchain. The system is best suited for retail and logistics chains which have a large number of users.
The introduction of an innovative supply chain management solution is an effective answer to the question of security and reliability of supply and transportation processes. It also enables companies to avoid possible losses arising from human or technical factors, thereby maximizing their profits. Also, with efficient and error-free transportation of goods, the reputation and revenues of logistics and management companies get impacted positively.
One of the first companies that will have the opportunity to benefit from the new solution will be LLC Globaltechexport and IVHIMPROM, who were among the first in their field to show a desire to implement blockchain technology. The application allows the companies to eliminate several problems in the production process and even automate quality control and certification. The use of the Credits blockchain for validating metrics obtained from IBM sensors and sharing product quality data with supply chain participants is a vital improvement in existing mechanisms. The current solution, according to the preliminary forecasts, helps to reduce companies’ monthly costs by up to 17%.
“I see a lot of potential in implementing projects based on the Credits platform. A project with IBM, a leader in software, cloud technologies, and services, is a rethinking of how modern business practices work. The solution complements IoT and makes it more flawless. As a result, we get maximum value to enterprise clients, leveraging the strengths of all partners to solve complex business issues”, Jennifer Trelewicz, former IBM Director & present CBO at Credits.
Thus, the usage of blockchain and Credits smart contracts is an opportunity for organizations to automate and simplify their current business processes, strengthen partnerships, improve payment systems, and improve results through traceability of data and data security.
Partnership for Development
The combined use of blockchain and IoT provided by Credits and IBM helps solve the problems faced by modern healthcare and supply chain companies. The implementation is a phased process leading ultimately to the achievement of a universal and useful solution that is applicable in various industries. This solution fully meets the increased demand for data security and privacy and aims to improve the performance of the private and public sectors.
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.