GoChain, a leading provider of distributed ledger technology and creator of the GoChain enterprise-grade public blockchain network, today announced the launch of its turnkey blockchain-based track and trace SaaS platform, GoTrace.
GoTrace solves three of the main issues that plague the supply chains of most businesses today: 1) Stakeholders often lack end-to-end visibility, leading to fraud, high costs, & regulatory violations. 2) Many stakeholders have difficulty reacting to demand shifts due to inefficient data systems. 3) Stakeholders are unable to provide end-users the transparency into product history and sustainable sourcing data that they want.
GoTrace uses distributed ledger technology (blockchain) to offer unparalleled end-to-end supply chain transparency and chain-of-custody auditability. Every event, whether a geolocation ping or a transfer from one stakeholder to another, is recorded cryptographically as a transaction on GoChain’s immutable public blockchain, meaning that the event’s data cannot be modified or falsified later.
These transactions contain relevant mobile GPS, timestamp and other metadata and, because they’re cryptographically secured by the blockchain network, provide a single source of truth that all stakeholders can reference. This allows businesses of all sizes to easily track multiple assets and quickly onboard all relevant stakeholders (suppliers, vendors, logistics) and map out their supply chains.
GoTrace’s customers and their partners use an intuitive web-based dashboard or mobile-friendly app to add tracked loads, keep track of timely alerts, and conduct reports. End users can reference the public network and trust that products are authentic, sustainably sourced, and do not originate from protected areas or exploited communities. Products that are blockchain authenticated and end-to-end traced via GoTrace will be GO Transparency Verified.
In addition to its initial mobile track and trace solution, GoChain via a curated list of partners will also be offering a variety of tagging solutions to accommodate a broad range of products ranging from commodities to low volume, high-value products.
Source : PR Newswire