Upgrade transparency across your supply chain
What is Track and Trace?
In the supply chain industry, track and trace refers to the ability to identify the past and present locations of all product inventory, as well as a history of product custody. Track and trace requires following products through a complex journey from raw material, through multiple geographic regions for processing and manufacturing, through regulatory control, and finally, to retailers and consumers. Tracking provenance throughout this journey is crucial to ensuring product authenticity.
Track and trace is often a challenge for today’s supply chains due to outdated paper processes and disjointed data systems that slow down communication. The lack of data compatibility exposes supply chains to problems like visibility gaps, inaccurate supply and demand predictions, manual errors, counterfeiting, and compliance violations.
Track And Trace With Blockchain
Blockchain technology can be used to build applications on which multiple parties can transact directly via a peer-to-peer network, without the need for a central authority to verify transactions. Each network participant has access to a shared ledger that immutably and cryptographically records all transactions, and there is no single network owner.
With blockchain, supply chain companies can document production updates to a single shared ledger, which provides complete data visibility and a single source of truth. Because transactions are always time-stamped and up to date, companies can query a product’s status and location at any point in time. This helps to combat issues like counterfeit goods, compliance violations, delays, and waste.
Enables end-to-end traceability of parts
Automotive Track and Trace
Allow Superior Exceptions Handling For Teams
Built With New Technologies In Mind
Improve Recall Response
Strengthen Inventory Management
Get Quality Specialty Parts Faster With SyncFab
Accelerate Your Production Lead Times
Contain costs, boost productivity and increase profitability with SyncFab game-changing business solutions. Blockchain’s technical features provides superior trust, automation, security and resilience over traditional databases.