Twenty years ago, there are no visibility and accessibility of information in the supply chain. Today with the immense growth of technology, it had become a string of collection of all data can be found online in the supply chain industry. Suppliers and buyers can easily assess to the origin source of the products. While it seems that the supply chain industry is no longer the same as it did a decade or two ago with tracking and transaction moving towards digital directions. Many suppliers are coping with the demands of the current supply chain market.
In fact, companies that use supply chains are responsible for distributing products and goods from beginning to end . Any given supply chain can be made up of hundreds of different checkpoints where goods are transferred from party to party, making it extremely difficult to know for sure all the little things that happen along the way.
This is precisely where Ledgit is the game-changer.
Looking back to some companies, the supply chain that the company was built on is far from anything we might recognize in today’s supply chain. With the major advancement of blockchain technology, an ecosystem like Ledgit enables companies to process much more information at a much faster pace. While Ledgit aims to enhance the traceability and information of the products, it also focuses on building trust in which it is the fundamental currency of a supply chain. For instance, through creating a bridge of trust between supply and demand, it could notarize the origin of the product and witness it as being transparent, secured and informational.
To be clear, a person-to-person trust is something worth building, and is far more valuable than technological fixes. As such, Ledgit create a win-win solution whereby suppliers will be able to get more demand while merchant is able to increase sales. Even though the adoption of global supply chain operations connects the entire supply base from manufacturing products to delivering and to end consumers, consumer will benefit from a worry free lifestyle in terms of buying products from oversea, and most importantly the traceability of the product. This ensures that no single entity can manipulate the system. This is revolutionary.
Through this, Ledgit leverages blockchain technology to track the products, allowing consumer and buyers to verify product information, as well as reduce waste and improve contamination management and transparency. Ledgit provides as much data as possible to consumers in which products can not only be verified from the top to bottom but also conversely in taking the initiative to boost consumer confidence in the providence of the products. For instance, the products bought at a retail outlet is the result of different steps that have taken place at different locations and with the risk of any failure in one of the stages, it leads to counterfeit.
Furthermore, one of the issue in our attention is the opacity of the supply chain. Companies at one point may know very little about those earlier stages of the products and some might not care. It can’t be denied the fact that there might be a collective failure due diligence, as businesses prioritise receiving the materials or items they need at the best price, regardless of how they were created. Ledgit won’t just empower straightforwardness of the advantage’s present area yet additionally make traceability of the entire product voyage. Following provenance of merchandise on Ledgit brings about the lower hazard and higher bar on quality underway and appropriation.
Thus, Ledgit, being an immutable, decentralized, and cryptographically encrypted ledger, offers full transparency for an industry dealing with supply chains that tend to include numerous steps and hundreds of geographical locations and checkpoints. In fact, it bridges the trust from supplier to merchant and consumer and avoid fraudulent while allowing companies to enhance the traceability of the products in certain supply chains integrated with Ledgit. Through this, no longer will superior cost or counterfeit goods win market share in the global economy. In the marketplace today, we are seeing such an ecosystem come to life where transparency of a product is the driving factor behind consumer purchasing decisions.