Answers You Need
What is blockchain technology?
Blockchain technology is decentralized database through which information can be recorded. It is traditionally used to record crypto currency transactions, but can be programmed to record data related to supply chains. In simpler terms: when some one requests information blockchain can verify that information through nodes or computers desired to process and store data, once verified the information is combined with other information to create a new block of data on the ledger or chain. Once added to the existing blockchain, the information is permanent and unalterable.
How does blockchain technology work when applied to supply chain analysis?
Technology like blockchain can help us tackle supply chain related issues by tracking where materials and goods come from, learn about how resources are extracted, how goods are made and who they were produced by. Blockchain technology can help teach our supply chains to regulate themselves and track anomalies related to sustainability data.
Why should your company or business engage with our platform?
Our use of blockchain aims to provide clients with fast and reliable information in an effort to make supply chains more sustainable in terms of cost, timeframes, resource use, risk mitigation, fairness and accountability.
The Haystack is a valuable tool for clients that wish to know more about the myriad of components and connections embedded within supply chains as well as the connection between the nodes in those systems. To better assess and inform strategies, internal or external, that translate into trajectories for change, positive impact, ethical business practices, cost reduction and traceability.