Currently we are going to talk about how the blockchain can help brands to avoid millionaire losses in terms of product counterfeits.
If we talk about its applications in the business world, one of the stars is traceability.
Basically, it allows you to track a product from when it is a raw material until it reaches the final customer, going through all the transformation and distribution processes in between.
How is it possible?
Partly thanks to the immutability already mentioned but also to something new: tokenization.
Tokenize something is nothing more than converting that something into a mathematical code that uniquely identifies it.
The traceability that this system allows can reduce costs for a wide range of businesses.
Imagine a pearl necklace. Akoya pearls from those grown in Akoya, Japan.
We are interested in a specific pearl.
As the pearl collecting company is part of a blockchain network, the tokenization of this pearl, like all others, is done routinely.
Thanks to tokenization, we can track the pearl in detail and know in real time where it is in the transformation process.
Because in the network there is not only the company that grows the pearls, but also the factory that cleans and polishes them, jewelry and even the store where they are sold.
And each of these companies has access to information in real time.
The possibility of following the trail of any tokenized element is a guarantee for companies in the event of an incident.
What happens if the seller of the jewel with our pearl, in a review in search of defects, finds that the pearl has a scratch that goes lower its value? Well, the jeweler can go to the blockchain network and track his journey to look for incidents.
It’s as simple as locating your unique token and exploring its movements. In this way, the seller or the final buyer will not take long to find a clue to solve the mystery:
when the shipment of pearls was moving from the cleaning plant to the port, the truck went off course.
The carrier did not report it, but the information about the truck (which is also encrypted and geolocated, hence we know its route in detail).
Forces him to confess that there was a small accident and that the pearls were damaged as a result.
The jeweler already knows who to claim.
The traceability applications provided by blockchain are innumerable: food (who did not respect the cold chain?), artistic works (has that painting paid for using that photograph in a newspaper?), industries of all kinds and volumes (what? when does the back of the car parts arrive?)
Why implement Blockchain?
The answer is simple, if the previously described does not finish convincing you, we give you more reasons: because companies can achieve important competitive advantages.
With this platform, organizations have access to a reliable tool for financial and commercial transactions. Below, we share five benefits that blockchain brings to businesses:
Digitization:
All the data on the platform is based on disruptive technology, the participants, both brands and clients, can have remote and immediate access to documents or transactions.
This digital and decentralized access creates an auditable footprint that, due to the immutability and tracking of the data, creates “a single truth”, also known as one truth, for the information.
Lower operational risk:
Being a decentralized and incorruptible process, blockchain reduces the operational risks of companies.
debugging solutions are done in real time, without the risk of errors thanks to smart contracts.
Loss reduction:
The creation of information based on this network, considered one truth, allows reducing the number of reconciliations, since each block is based on the past, blockchain facilitates automated reconciliations and the reduction of human errors in said process.
Cost savings:
As a result of the digitalization and automation inherent in blockchain, this technology improves operational efficiency, reduces capital costs due to lower balance sheet exposure, generates lower regulatory coverage and compliance costs, and lowers administration costs and prevents possible human errors.
Creation of new markets:
With the arrival of this platform, the market opens up with new lines of business, such as increasing product guarantees or changing ownership.
With this, the brands could generate income not only with a sale of the products, but with the entire useful life of the product.
Being an original product, each brand can obtain a double return on the product.
From Dtracer, with blockchain we can help brands, we offer the possibility of being able to obtain extra benefits from the products by increasing the guarantee or changing the ownership of the product.
Transparency:
A registered trademark in the blockchain network generates absolute transparency for the client, thus preventing them from acquiring, directly or indirectly, counterfeit products.
All registered trademarks in our system can offer their clients the originality of the product through the unique QR code traceability by product to the end customer, and most importantly only loyal and authorized sellers can activate this product sale.
Blockchain is for everyone and blockchain can help brands?
Suddenly, we can think that not everyone needs the blockchain, but let’s imagine that the corner bar needs it. You may be interested in being part of a blockchain network that also includes your food and beverage suppliers, with whom you can share the status of your stocks to anticipate new orders.
And you might even want to have a couple of simple smart contracts to automate those same orders.
So based on this rule we answer the question, everyone can make use of the blockchain system with Dtracer.
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