Today, transparency in the supplier buyer relationship is key. Purchasing departments have a crucial role in the company. They manage a portfolio of purchases valued at 40% to 80% of the company’s total turnover (even more in some industries), the buyer has a major and central role in the company since they are connected with suppliers.
Making decisions on the right suppliers, only on the basis of price is not the right thing. Having knowledge of supplier financials, quality, and even intellectual property is also a strong need. Beyond the contracts, insurance and commitment to deliver, and trust in suppliers is critical to any supply chain.
Today there is no central repository of data where buyers can access to find trusted suppliers, based on financial strength, ethical dealings, quality and previous track record. There is a dire need for a solution which is an unbiased central repository that manages this complex supplier data.
Blockchain technology can provide a smart solution to these issues. It offers a decentralized, unbiased approach to data management for entities, and can do a similar job for the aviation supply chain. This can improve the transparency, speed and trust to these relationships in the following ways:
- Providing a central repository of supplier database management systems on the public
- Timestamping, tracking and automating transactions and buyer-supplier agreements
- Introducing smart contracts (electronic agreements that self-execute according to predefined rules) which will ensure compliance and quality adherence
- Establish proof of quality, provenance, payment and performance to minimize counterfeiting and fraud
- Provide digital ID tracking of not just parts, but part manufacturing and expiry history, supplier details and much more
Blockchain proves to be a game changer for companies that need agile supply chains to keep up to their ever increasing demands.
Introducing Genesis Supply chain –
Genesis Supply Chain (GSC) Aviation will use Blockchain technology to ensure buyers and sellers related to the aviation supply part industry benefit from a well-organized system which makes their very stressful lives, much more comfortable. GSC creates a blockchain based decentralized platform where buyers and sellers commonly interact helping them to connect with each other. GSC’s decentralized Blockchain platform will help an industry which is waiting for a system like this.
GSC’s interactive search module creates an indexed rating system with top-rated vendors shown first.
GSC creates detailed identity cards which are stored in GSC’s database to allow buyers to access information about each supplier. The procurement department does not need to waste time on trying to find details; instead, they can rely on GSC’s platform.
The database is secure and tamper-proof thanks to the reliability of Blockchain technology. The traceability factor adds to the security guarantee for the buyers who spend heavily on certain aviation parts.
The platform saves time on the countless hours spent in finding information, less capital spent on projects which do not meet deadlines, and fewer accidents thanks to the availability to search for new technologies.
The GSC Platform ICO pre-sale runs from July 1st through July 24th during which GSC tokens can be purchased at a significantly reduced rate. For more information read the white paper or light paper and to get in touch with the team or
visit https://gscplatform.io for more information.
