Streamline cross-business supply chain and financial transactions by using blockchain as the source of truth for product master data.
Cross-business transactions that reference product master data require clean, reliable, and up to date data. When a manufacturer adds or modifies information about a product, this information must reach all industry participants instantly and accurately to prevent any disruption in operations. Master data mismatches may result in supply chain or financial transactions being rejected by the receiving party because they don’t have the latest information. In addition, different companies may identify the same product with different identifiers resulting in errors and delays. Blockchain helps companies and industries synchronize master data via a single source of truth.
Establish a single source of truth for product master data to streamline transactions with trading partners.
Manufacturers register and maintain product related identifiers publicallyon the blockchain. Smart-contract-based business rules ensure that only authorized parties can register and update product data. All product information is synchronized throughout the network in a matter of seconds ensuring zero disruption in business transactions due to mismatched data.
Chronicled pioneered the use of blockchain as a Product Registry in the Pharmaceutical industry to store GTIN product identifiers and verification endpoints to facilitate sub-second routing of and response to item verification requests. Blockchain has made it almost trivial for the industry to stay connected and coordinated. The Product Registry also makes it easy for the industry to handle M&A scenarios by allowing the original product owner to simply transfer the product ownership record to the new owner via the blockchain.