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SBT Enterprise Blockchain Use-Case
Supply Chain Management
SBT’s Supply Chain Management Blockchain will provide organizations with full transaction transparency and security, enabling cost-saving efficiencies and enforcing vendor accountability.
Our solutions will deploy essential collaboration and traceability mechanisms to the food industry by linking independent vendors (source, transport, processing, distribution) that historically have not communicated closely with each other, and operated without centralized rules and methods.
How it Works
A request to append a transaction to the supply chain distributed ledger is sent. The transaction is then shared through a Peer-To-Peer (P2P) network, without reliance on a central administrator for validation.
A block is created after every component of a transaction is completed and validated using trusted, secure algorithms. A verified transaction can contain data events and smart contracts.
The new block is appended to existing blockchain
Once you put data on the blockchain, it is an “append only” transaction. It is there forever and cannot be removed or altered, preserving the integrity and traceability of the transaction.
Further, every added data record or transaction to the blockchain has a time-stamp and a counterfeit-proof cryptographic key signature. Mathematical hashes / codes are created and link the new block to the previous block on the chain. If any record on a given block is changed, a new hash is necessarily also created, which will immediately sever the link between the tied blocks. The ledger administrator/s and participants are immediately informed, ensuring transaction transparency and integrity.
Food Industry Issues & SBT Solutions
Whether ensuring the quality and safety of our milk or produce or meat supply across this country, and around the world, the food industry contends with numerous logistics and accountability issues:
Fundamental Problem: Incomplete & Insufficient Documentation
- No company, industry group, or government agency has a complete picture of how fruit, meat, or other foods move from field to fork.
- Disparate record keeping from all participants in food supply, processing, and delivery chain.
- Companies are required to record just a few steps in their supply chains and some still keep information on paper / carbon copies.
…which leads to
Real-World Problem: Eroding Trust in Safety of Food Infrastructure
- Frequent, widespread food recalls sourced from both retail markets and from restaurants.
- Outbreaks affect every manner of food: washed bagged produce, pastas, cold cuts, cereals, dairy products, and so on.
Real-time & Time-stamped location of every food product
Rapid, accurate backtracking of food path and contamination source
- Establish One Truth — one consistent history of product movement.
- The Blockchain will trace contaminated food back to every step in its path — through every successive delivery and processing vendor, to exactly where it began, and hopefully reveal cause and future mitigation.
- Improved recall response times and effectiveness. Reduce outbreak tracking investigations from days down to seconds. Shrink the time consumers are at risk.
Goal: Promote Sustainable Methods & Resources
- Blockchain’s ledger can verify and validate sustainable farming or fishing methods.
- Real-time and accurate tracking can improve delivery logistics and reduce over-order waste.
- Better information exchange and coordination between buyer and seller will result in less excess inventory, which translates into less waste.
Goal: Faster Payments, Lower Fees, Higher Margins
- Smart Contracts pay farmers / growers faster, given rapid validation of delivery.
- Speed and access into funds promotes re-investment & growth into business and community.
- Using P2P Blockchain ledger, middlemen infrastructure and fees could be eliminated, giving farmers greater control and margins by selling directly to retailers or consumers.
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