Introduction
A blockchain has to manage administrative formalities and accounting data resulting from investment and asset management. It should be noted, that it is not only summarized to capital management, but, according to the usability it will require storage, transmission, reporting, processing, of complex and strictly conclusive information of all processes.
Organizing and distributing data involves checking a considerable volume of addresses stored in the network. This makes possible transparency and real-time tracking of the product from its origin, transformation and final consumption.
All these processes could be organized through a traditional archiving method, however, the blockchain allows the digitization of the source in a secure, distributed way without relying on a central control body.
The graphic shows the complete process of a transaction carried out on blockchain. Two customers can sign an agreement using a smart contract in order to transfer virtual assets deposited in a wallet. the transaction is validated on the network by the distributed system of consensus nodes. Finally, a publicly accessible and irrevocable block is created, where the transaction record is stored through a transparent and secure process. Traceability occurs from the moment the parties decide to sign the smart contract and it is then transmitted to the network, the trace of the process concludes with the creation of the block.
Traceability process
It is the result obtained from a value based on references that define its changes over time. These references make it possible to establish comparisons of progress, control and determination of positioning at a given time.
The traceability study generates a verifiable trajectory history that makes it possible to trace the information from its genesis, establishing the logic of the product and its feasibility.
What is a trace?
It is the trace left by products and derivatives as they consolidate their performance and fulfill the performance for which they were designed.
In the case of crypto exchange is represented by the creation of blocks product of buying and selling and smart contracts. The trace is subject to manipulation, correction, reformulation, in search of a final result of the process in which it becomes irrevocable.
What is the purpose?
The purpose of traceability is to validate the results to know if the process fulfilled the design intent. The record of progressive indications in a timeline constitute the chain of events under study and the Trace is the consequence of the handling given by the producer until it finally reaches the consumer.
Traceability in blockchain
Blockchain technology enables the hosting of data in distributed blocks in a decentralized network with security and assurance of a trustless system. The fact that the data is shared and for public use makes traceability open to any user or interested party. Traceability in blockchain is aimed at verification and validation of results, then the chain itself alone becomes a history of records.
Obtaining the information in real time increases the confidence of results and makes blockchain a recommendable system for the Organization. In this way it is possible to act quickly to correct any problem or failure allowing to preserve the quality standards without stopping the production.
Data access and reliability
Because the data is automated in a publicly accessible ledger, the blockchain allows to program audits and to foresee frauds or illicit activities. Traceability serves to track infiltration of false information or systematic threats, thanks to the operational speed also makes more effective security and access to data avoiding management conflicts and inappropriate handling.
Blockchain is incorruptible making traceability convincing and reliable from its origin, block validation through consensus is perfectly suited to effective tracking providing 24/7 accessibility to information.
Traceability Advantages
Traceability in blockchain adds many advantages to the corporate process, as well as, to the development of the organization.
| Time reduction by validation: | Thanks to the P2P system for smart contract consolidation, the transactional process can take just a few seconds to reach consensus. Generating an immutable trace that is stored in the blockchain. |
|---|
| Cost reduction: | The costs for audits and contracting external entities are not essential in a decentralized system. In this way the company reduces its budget allocated to administrative expenses for inquiries or accounting records. |
|---|
| Transparency: | The blockchain data is exposed and accessible to the public, which represents a sign of reliability and transparency of processes since everything must be shown and published through block packaging. |
|---|
| Contributes to marketing: | It can improve the image and attract system adoption, the customer can track the products if he/she wishes to do so, and trust can be established by getting involved. All transactions can be authenticated without efforts and cumbersome steps which would allow company and customer interaction with preferential interest as it enhances relationships and communication power. |
|---|
Final thoughts
Every company must keep a record of processes, which is part of its administrative activity and evaluation mechanisms. Through traceability, organizational improvement can be achieved with a future projection derived from the study of its own operations history. The blockchain represents an unbeatable tool for any company or enterprise since its complex technology allows the systematization of practically all the developed processes.
We know that with blockchain there is no need to use intermediaries to validate results, therefore traceability and auditable processes are transparent, secure and low cost.
Original content
2021
It's nice to meet you, here is my new Hive.blog introduction: IntroduceYourself