In Part 1 of the article, we have already spoken about the various problems Global supply chain systems face because of outdated legacy systems being used to maintain records, lack of visibility, and extremely slow processes at each level of the Supply Chain and how Blockchain has the potential to be transformative for the supply chain industry.
In Part 2 of this article, we explain why Archethic Blockchain is a Perfect Solution for the Supply Chain Industry as compared to all existing Blockchain players?
- Supply Chain systems are slow and outdated! Given enough nodes, Archethic Blockchain can target 1 million transactions/sec, which ensures a lot of slow, manual processes that handle large and complex sets of data can be managed seamlessly. Archethic Blockchain can enable Supply Chains to move billions of transactions and data, often in real-time.
2. The Global Supply chains are where multiple participants are involved, and they operate in a regulated environment that demands a higher level of traceability and security. Archethic can provide that level of trust, transparency, and traceability. Archethic Blockchain has a 0.0000001% risk of fraud even with 90% of malicious nodes because of ARCH consensus.
ARCH, which stands for Atomic Rotating Commitment Heuristic.
Atomic Commitment is the form of "absolute" consensus that implies 100% concordant responses for the acceptance or refusal of the transaction validation.
Heuristics are the set of algorithms, software, and parameters that manage the entire network, allowing the network to elect in a decentralized and coordinated way the nodes in charge of validating and storing transaction chains.
Rotating is about the network being fully distributed (no central or privileged role), the nodes selected for each operation are constantly changing so that no node can predict which nodes will be selected until the transaction arrives.
So, in simple terms, ARCH makes it possible to obtain universal consensus from a small part of the nodes that are selected randomly. We are not vulnerable to 51% brute force attacks as compared to other blockchains, and it is proven using hypergeometric distribution laws.
3. Supply chain sustainability is a key corporate goal for most large companies now. They have started to measure the environmental and societal impact of their goods and services, from the beginning to the end of their life cycles. The goal is to minimize environmental harm from factors like energy usage, and waste production while having a positive impact on the people and communities in and around their operations. Archethic is an Earth-Friendly Blockchain that consumes 3.6 billion times less energy than Bitcoin and is sustainable in its approach. Supply chain sustainability will not only benefit companies’ own interests and those of their stakeholders but also society and the planet at large.
4. Smart contracts play a key role in Supply Chain Management in 3 areas
- Making automated payments when a pre-defined condition is fulfilled
- Recording ledger entries which include data and timestamps accurately
- Delays because of manual processes are eliminated and audits become much easier because of traceability
Archethic Smart Contracts are unique as compared to all other existing Blockchains because not only are they coded in a simplified interpreted language similar to IF/OR, but also as compared to Smart Contracts deployed on other blockchains that are impossible to modify, Archethic Smart Contract code is editable. Anyone can edit the code of a smart contract even after deployment.
Archethic Smart Contracts provide “Time Triggers”, giving the ability to program any action at a specific time. The power of our Smart Contracts can enhance the company’s visibility to track and trace goods in the supply chain and grow the Supply Chain Management process exponentially.
Considering all the above benefits, the power, and the promise offered by Archethic Blockchain are immense as compared to other technologies and Blockchain players in the Global Supply Chain Management Cycle. In times of disruption, this matters more than ever. Businesses and consumers want brands to guarantee product authenticity, while supply chain participants demand responsible sourcing, safety and better visibility to minimize disputes.
Archethic for Supply Chain Solutions can help Supply Chain Leaders to handle the disruptions of today and build resiliency for the future.
In case you are new in the Supply Chain sector or know someone who is interested in Supply Chain solutions for their enterprise, and wants to understand how Blockchains can add value to Supply Chain Management, don't forget to read Part 1 of this article!
Archethic Public Blockchain
Archethic is a Layer 1 aiming to create a new Decentralized Internet.
Its blockchain infrastructure is the most scalable, secure & energy-efficient solution on the market thanks to the implementation of a new consensus: "ARCH".
Archethic smart contracts expand developers' boundaries by introducing internal oracle, time-triggers, editable content & interpreted language.
Through native integration for DeFi, NFTs & decentralized identity; Archethic offers an inclusive and interoperable ecosystem for all blockchains.
In order to achieve the long-term vision of an autonomous network in the hands of the world population, we developed a biometric device respecting personal data privacy (GDPR compliant).
Making the blockchain world accessible with the tip of a finger. Be the only key! https://www.archethic.net/
Archethic Foundation nonprofit in order to manage decentralized governance of the public blockchain