Today’s supply chains are worldwide networks that bring manufacturers, suppliers, logistics firms, and retailers to get items to customers. Modern supply chains are growing more complicated and divergent as they grow in size.
Traditional supply chains typically rely on paper-based, disconnected data systems, which create information silos and time-consuming product monitoring. Traceability and transparency are issues that plague the sector, causing delays, errors, and higher expenses. Participants in today’s supply chains require a uniform picture of data while still being able to independently and confidentially verify transactions like production and transportation updates.
Supply chain solutions built on NFT Codes based on Blockchain technology can give today’s supply chains the end-to-end visibility to manage and trace their whole manufacturing process while increasing automation efficiency.
What Does “Track and Trace” Mean?
Tracking customer orders through production and shipment in a spreadsheet is long gone. Intelligent cameras and image processing are used in machine vision track and trace systems to maintain track of raw materials, finished goods, and picked orders.
The use of comprehensive labelling is a typical example of machine vision track and trace. Serial numbers, manufacturing dates, and expiration dates are frequently found on product boxes. As a globally unique identifier, they may also be given a GTIN (Global Trade Item Number). The identification contains information about the carton and how it should be handled.
Track and Trace with Blockchain
Multiple parties can deal directly over a peer-to-peer network using blockchain technology, eliminating the need for a central authority to verify transactions. There is no one network owner, and each network participant has access to a shared ledger that records all transactions immutably and cryptographically.
Supply chain firms can use blockchain to record production modifications on a single shared ledger, giving them total data visibility and a single source of truth. Companies can access a product’s status and location because transactions are always time-stamped and up to date—this aids in the fight against counterfeit goods, regulatory infractions, delays, and waste. Furthermore, fast action may be taken during emergencies (such as product recalls), and the ledger audit trail ensures regulatory compliance. Moreover, supply chains can automate the tracking of production, shipping, and quality control conditions by merging blockchain with smart technology such as the Internet of Things. Customers can also be given access to track and trace data to check product authenticity and ethical supply chain practices.
Advantages of Track and Trace Systems
The rise of track and trace systems has been fueled by increased regulatory demand and accountability. Manufacturers can keep product recalls to a minimum and avoid quality problems. Workers used to spend a lot of time manually tracking products and orders. Businesses don’t only streamline the process by automating it. They can, however, provide more detailed tracking from start to finish.
Many sectors have used blockchain-based technologies to implement track and trace. Food can be traced back to a food processor and even to a specific farm or ranch in the food and beverage sector.
Hospitals and medical facilities can better track tools and other equipment to prevent hospital-acquired infections. Pharmaceutical companies use tracking and tracing systems to label their items and ensure that patients receive the medications they require.
Do Not Avoid Your Track and Trace Needs
To compete in their industry, more companies understand the importance of track and trace. With razor-thin manufacturing margins, an extensive product recall or liability claim can cost a firm a lot of market share and potentially put them in significant financial difficulties. News and social media can quickly influence consumer behaviour if a company cannot respond promptly to issues that track and trace can help solve.
Many sectors are backing The Produce Traceability Initiative, which aims to boost the adoption of vision-based track and trace systems and improve supply chain transparency. Ignoring such measures in your industry may make your company appear less appealing to customers and investors.
