April 12, 2021
NFT Supply chain development for transparent inventory and fleet management.
Supply chain management is being served as the heart of industries with its irreplaceable services and functions. Supply chain management services include inventory management, logistics, Fleet management etc. The cluster of these abundant services acts as a driving factor for every business. This significant and most important chain of the process becomes a complex and time-consuming process due to its intermediaries and lack of computational resources.
Blockchain’s futuristic technology upgrades various industries with its distributed ledger system in a decentralized environment. This technology brings several advantages in the modernization of traditional processes in various industries with its lightning performance and boundless features. This intermediate less service, and secured environment makes the system faster and reliable to sustain the business world. The transparency in each transaction of data builds trust among the investors and entrepreneurs to adapt the modernization of traditional environments to a decentralized environment.
The global supply chain has been a tedious process due to its huge network and the quality of distribution. The hampering quality management in procurement is a nightmare for the industrialist to rely on the traditional supply chain management. To mitigate these flaws, supply chain management systems should be operated by multiple business partners to track the product cycle.
The traditional supply chain management systems operated are isolated from other participants and are not capable of providing comprehensible provenance information. The supply chain started to make use of RFID and QR codes for tracking the entire supply chain from manufacturing to inventory management. But these approaches are limited only to non-modifiable goods.
Expensive goods such as diamond golds which are the modifiable goods lag in security and tracking in this partial digital assistance which also resulted in failures and a huge loss for the investors. Blockchain technology with its significant innovations and security offers a reliable solution to entirely modernize the ecosystem into a decentralized environment for its transparency and security.
Blockchain’s NFT supply chain development offers precise tracking of goods from the production unit to inventory. Instead of projecting physical goods onto the blockchain in the form of tokens, the technology targets to document their production process on the ledger. Smart contracts handle modifiable goods by capturing their creation, transformation and exchange in a decentralized environment. This facilitates not only the traceability of goods origin but also its inputs.
NFT in the supply chain:
Non-fungible Token Standars the digital representation of unique assets. It is non-exchangeable for its unique specifications and the representation of unique assets. These tokens cannot be fractioned as it comprises the unique specifications and resemblance of the unique assets. These unique characteristics bring the substantial features of NFT in the supply chain by facilitating the representation of unique goods and precise tracking. This unique token standard and the smart contracts secure the modifiable goods from damage and other fraudulent activities in the supply chain.
Tracking products throughout a supply chain and storing records of suppliers and customers is subjected to failures and risks. We combine this information in the form of NFT tokens and share it among the suppliers and customers for its non-exchangeable and non-modifiable nature.
A smart contract will be set up for each type of good in the supply chain. Within such a smart contract, tokens can be created that represent physical goods. The tokens are non-fungible due to their unique standards. This facilitates the differentiation of the same type of goods. To apply this concept, after manufacturing or sourcing a batch of products in the physical world, the contract owner creates digital tokens.
● Smart contracts:
Smart contracts are the programmable code in the blockchain network that works in the consensus mechanism. The program comprises automated execution of processes by satisfying the required conditions. Eg., If the payment is made under the smart contract for the transportation of specific goods, the transaction will be reflected in the supplier, once the transportation process is executed. The occurrence of failure or error in the process initiates the smart contract to the process of refund. This consensus mechanism keeps your payment safe and secured
Our decentralized NFT supply chain development is based on two key ideas:
- Representing physical goods in the form of NFTs, and recipes that enable their transformation.
- Additional functionality like certifying goods, transferring, splitting and combining NFTs facilitates cross-business traceability
Roles involved in our NFT supply chain development platform:
● Resource suppliers:
Providers are the resource supplier who creates the goods and may split or merge batches before they are transferred to other entities.
The processing industry lists the goods that are required to create a product. The input goods are acquired physically to produce goods, and this process is digitally tracked through NFT transfers.
● Logistics and Retail:
Logistics and Retail firms acquire NFTs, but do not alter the goods. The goods obtained by a wholesaler will be transferred to other retailers. Individual customers could also keep ownership without consuming the item to resell it to someone else.
The current process represented by the token will be deleted, denoting it can no longer be used as part of the supply chain. But its provenance can be verified in the supply chain. If the retail customer is not represented as part of the supply chain, a physical store may act as a consumer.
These certifiers hold the responsibility for guaranteeing quality, following certain product standards or labour safety requirements. An official standardization organization could act as a certifier.
Our NFT supply chain platform development:
Nova Wise Technology’s versatile growth and development in blockchain technology ensure the creation of a successful business model to sustain the turbulence in the crypto ecosystem.
☆ Our supply chain traceability system models manufacturing processes as token recipes.
☆ We demonstrate a prototypical implementation for the Ethereum Virtual Machine using smart contracts.
☆ We evaluate and test the implementation of smart contracts for their security and reliability.
Why Nova Wise Technology?
Nova Wise Technology’s social responsibility to modernize the business environment into the decentralized ecosystem enables our crypto enthusiasts to innovate unique platforms for the success of business hustles in the crypto world. As the early adopters of blockchain’s NFT, reaping their benefits in substantial ways, we found a new tunnel of fortunes by modernizing the complicated traditional supply chain with the phenomenal features of blockchain and its NFTs.
NFT supply chain development allows traceability of your valuable goods with its unique representation of non-exchangeable tokens to get rid of failures and fraudulently in the traditional supply chain. This attracts huge investors and business developers to experience the security and transparency of a decentralized environment with the power of NFT.
To hire the top blockchain experts from Nova Wise Technology, please feel free to contact us.
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