- The Republic of Georgia to Exempt Crypto Holdings from Value-Added Tax
- US Lawmakers Push to Keep Big Tech Out of the Financial World with New Proposed Legislation
- Fundstrat's Tom Lee: Bitcoin Could Reach $40K by Q4 Thanks to President Trump
- Various Applications of Blockchain Technology
- Judge Sends Owner of Crypto Trading Platform Bitfunder to 14 Months in Prison
Blockchain technology is a decentralized network that boasts a high level of transparency, safety, and integrity of data stored on it. These astounding features make it the best bet of any organization looking to up its game in terms of convenience, transparency, security, and maintaining data integrity.
Several organizations – both public and private organizations – have leveraged these features for their growth and more organizations are working behind the scene to lay hold of as many benefits as they can from this technology.
Mercedes-Benz Cars announced that it has been working on a blockchain-enabled prototype for a while now. Together with its partner, Icertis, the company is happy to announce a prototype proposed to help increase transparency in its global supply chain. The award-winning automobile company, Mercedes-Benz Cars, is one of the top shots in the automobile industry. It is no surprise that the company is looking for smarter ways to strengthen its global supply chain.
Together with one of the world’s leading providers of enterprise management solutions, Icertis, Mercedes-Benz Cars was able to build a blockchain-centric prototype designed to curb the shortcomings of its global supply chain. The prototype will ensure that transmission of control standards and contractual obligations done in the supply chain are fully mapped out. Thus, any sub-supplier who deviates from the contractual obligations will be easily noticed and traced on the blockchain platform.
This system will go a long way to help demystify the complex supply chain and effectively monitor the activities of each sub-supplier within the chain. The blockchain prototype is already released for testing as at the time of writing. The company awaits feedback from suppliers and partners to determine the next step of the project as acceptance by both partners and suppliers is key to the growth of this innovative idea. Although activities will be fully mapped out on the blockchain platform, the network also protects sensitive information about each sub-supplier.
Commenting on this innovative idea, a member of the Divisional Board of Management Mercedes-Benz, Wilko Stark, asserted that blockchain technology has what it takes to revolutionize the entire procurement processes. He added that the global supply chain is becoming complex by the day. The prototype will help increase transparency across this complex chain.
The Head of Purchasing and Supplier Quality for Raw Materials and Strategy at Mercedes-Benz Cars., Sabine Angermann, stated that transmission of contracts to members of the supply chain is the basis of cooperation with their suppliers. This prototype will pave way for easier and more efficient methods of making purchases within the chain.