Streamline cross-business supply chain and financial transactions by using blockchain as the source of truth for member master data.
Cross-business transactions that reference member (customer, participant, or company) data require clean, reliable, and up to date data. When a member adds or modifies information about itself, e.g. a company identifier, this information must reach all industry participants instantly and accurately to prevent any disruption in operations. Data mismatches may result in a supply chain or financial transactions not reaching the receiving party. In addition, different companies may identify the same member with different identifiers resulting in unnecessary complexity and frictions. Blockchain helps companies and industries leverage a single source of truth for all member-related data.
Establish a single source of truth concerning company identifiers to streamline transactions with trading partners.
Industry trading partners register and maintain their public identifier information on the blockchain to facilitate cross-business operations and transactions. An efficient vetting process and smart-contract-based business rules ensure that only legitimate trading partners are registered. All member information is synchronized throughout the network in a matter of seconds ensuring everyone has the most up to date version of the identifier directory when updates occur.
Chronicled pioneered the use of blockchain as a Member Registry in the Pharmaceutical industry to store GCP identifiers and SSL certificates for all industry participants to facilitate secure requests and responses for item verification requests. Blockchain has made it almost trivial for the industry to stay connected and coordinated. The industry operated blockchain setup ensures that no service provider can ever hold the industry hostage for its own lookup directory data.