3 ways blockchain is a supply chain’s best friend paid Oracle
Producing a report showing compliance means aggregating all of this recorded information, whether internally generated or from suppliers, and presenting it in a government-mandated format. Much depends on the validity of those records—and the ability to prove it.
Most large companies score their suppliers based on metrics such as contract fulfillment, quality, volume, price, sourcing, and negative incidence rates, among others. Today’s performance-tracking mechanisms take time and might allow unethical suppliers to game the system. Supply chain partners can further automate business processes by employing the blockchain’s smart contract layer, which lets engineers program in business logic, workflows, and incentives. For example, a stipulation programmed into a smart contract might reward a well-performing supplier by releasing payment earlier than expected.
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