Consumer Product Tracking

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Consumer Product Tracking

As far as consumer product tracking and tracing are concerned, Blockchain and IoT play a very significant role. Using a blockchain based solution, the journey of a consumer product can be tracked on an immutable ledger. This enables to automate the entire business process without creating an expensive and complicated centralized infrastructure. With the help of this, the certified authorities can ensure authentication by assigning a cryptographic hash to each product.

Blockchain, combined with IoT, offers a completely new landscape which enables users to capture data digitally in the different supply chain entities as well as share to a centralized database. This great combination ensures that all the data are tracked and monitored in real time and transmitted into a blockchain node. Once this is done, the information can be shared with multiple other nodes according to the smart contracts, and the interested parties can initiate actions based on accurate information.

The core blockchain benefits –

  • Smooth control on operations – Advance technology like IoT helps capture the different functions and pass those on to the blockchain. Events like order booking, ownership changes, the shipment of the order can be tracked easily.
  • Improved circumstance knowledge – While preparing an order for shipment, it’s beneficial to know the circumstance in advance. Using the blockchain enabled solution, you can capture information from different sensors and transmit the same to the blockchain ledger. Information that is relevant to the supply chain or product management as a physical parameter, weather condition and storage conditions can be gathered.
  • Better storage options – All the information about supply chain, product tracking, and shipment can be stored on the blockchain. This ensures it can be used as and when required and the smart contracts can also be executed according to this information.

Whether it’s about driving the protocols, aligning the stakeholders and permitting transactions, smart contracts and blockchain help you do this with ease and perfection. This proves blockchain has a lot to contribute when it comes to consumer product tracking and management.

Consumer Product

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