The industry standard for supply chain management does not currently offer a real-time view of all transactions to all the parties involved in a supply chain. This significant challenge is addressed by Hercules, which is built on the blockchain and enables immutable data to be shared among network participants and updated in real time.
Introducing distributed ledgers to supply chains means that different parties can simultaneously look at digital and physical products in the supply chain, enabling them to eliminate inefficiencies in reconciliation processes. Distributed electronic ledgers and data to connect suppliers, customers and intermediaries within a supply chain are truly valuable in the supply chain ecosystem. With blockchain, there is also potential for better financial liquidity within supply chains since an aggregated record between manufacturers or distributors and buyers can also include the financing partners.
Measure
Blockchain technology has widely come to be considered an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It is therefore a great way to enhance supply chain management, and with the use of smart contracts, different suppliers can transparently meet their obligations which makes the technology a global system for mediating trust. This is what makes Hercules the ideal tool for supply chain management today and in the future. Using the Hercules platform, participants of a supply chain network will be able to see what’s going on as it happens, and the system will also assist those involved to be accountable for their end of the bargain.
Track
In supply chain, the tracking of items is essential for supply chain partners to anticipate changes. A decentralized blockchain makes it possible to easily share data which helps solve the problem of missing or incorrect documents. The intention of the Hercules platform is to make supply chains more visible by capturing and sharing data in near real time. This would enable entities to make their supply chains even more agile.
In addition, Hercules also allows for analytics to increase efficiency. One of the biggest problems faced by companies with complex supply chains is a lack of transparency. Entities which function within supply chains that have multiple suppliers across multiple states and countries find it difficult to keep track of everything, since identifying points of failure or the origin of systematic problems can be difficult because of all the moving parts. However, because of the way transactions are recorded and tracked using blockchain technology, it makes it much easier to solve this issue. Hercules is designed to provide such solutions.
Verify
Provenance in supply chain is vital to prove the authenticity of a shipment or the origin of a product. Not only is this important to end-consumers but also to all participants in a specific supply chain. The Hercules platform aims to provide a solution by leveraging the decentralization and public access models of blockchain which enable an immutable record keeping down to the product level. Blockchain applications make use of this by tracing back along the information flow to certain verified data points. Tracing a product back to its original manufacturer to assess its genuineness can be crucial especially where a distributor or retailer is not able to trust the wholesaler.
Also, it might be required to find out at which points the product has been handled in the supply chain process. In a food supply chain for instance, it can become necessary to inform up-stream supply chain participants about contaminated food, but existing technologies are not yet fully equipped to measure, verify and track ‘from farm to fork’ which is why the Hercules platform is ushering in this new era in supply chain management on the blockchain. When using Hercules, it will become possible to monitor transactions while having the means to see what’s happening every step of the way.
Simply put, the Hercules supply chain management software- which will be accessible using HERC tokens- will provide increased supply chain transparency, as well as reduced cost and risk across supply chains. Some of the other potential benefits of using such a system include better stakeholder engagement, improved credibility and public trust of data shared, increased traceability of material supply chain to ensure corporate standards are satisfied, lowering losses from counterfeit market trading, improving visibility, reducing paperwork and lowering administrative costs.