Blockchain-Based Supplier Information Management
Blockchain = Trust. Consensus ensures only valid transactions enter the blockchain. Integrations from leading industry data providers ensure supplier data credibility.
Records are recorded in a cryptographic chain in such a way that it's nearly impossible to tamper.
Records are copied and continually checked by algorithms to prevent data from being altered or hacked.
Any changes to records are saved as a new version and linked to prior versions for auditing.
Conventional systems are open to fraud, error & inefficiency.
Each participant has their own separate database, or ledger — increasing the possibility of human error or fraud
Lack of Data Security
Shared databases cannot prevent malicious activity. Hacked entities can corrupt or destroy data in the shared database, making it invalid for everyone involved.
Often laden with manual processes, resulting in frequent delays and inefficiencies.
Reliance on intermediaries for validation creates inefficiencies.
Blockchain is designed for Trust & Secure Trading.
Single, shared, tamper-evident ledger — once recorded, transactions cannot be altered
Provides levels of error checking and transaction validity not obtainable in regularly shared databases.
Data is guaranteed to be valid and reconciled against the data held by the others participating on the Blockchain.
Immutably records all details of a transaction end-to-end, reducing vulnerabilities.