It’s pivotal for supply chains to be as resilient, resolute and transparent in this day and
age. That’s why Lattice
Network provides tools to facilitate supply chain management that minimize disruptions and
delays via smart contracts.
This helps to track things such as produce, fruit and vegetables from farms, right the way
to production lines and
eventually reaching supermarkets.
Logistics companies are in a highly competitive environment, and they’re under
constant pressure to keep costs low. As a result, many logistics companies take
advantage of outsourcing - hiring outside businesses or individuals to handle some
portion of their operations - to cut down on overhead expenses.
Because of these issues, data sharing is limited, transparency is low due to unknown
go-betweens who take on tasks as subcontractors. Additionally supply chain
management inefficiencies arise from unstandardised processes and lack of available
Logistical issues are exacerbated by the dominance of manual labor and paper-based
processes, which comprise a significant portion of current logistics operations.
The Identifiable problem
The complexity of logistic operations makes it difficult to identify and remove
counterfeited products from the market.
Fake goods can not only damage the brands they are made to imitate, but
low-quality products also get associated with brand names - this problem is
especially severe in the case of pharmaceuticals.
Damage to brands
Damage to reputation
A health risk
According to Interpol, around 1 million people die from counterfeit drugs every
year. The problem is especially severe in emerging markets, where up to 30
percent of pharmaceuticals are fakes based on the international police agency's
Increase in deaths
Increase in health issues
The LATTICE Network solution
Blockchain technology can address the serialization issue by creating a tamper
proof ledger, tokenizing every attribute
to the life cycle of the product or service, and safely saving smart contracts
in blocks. This single source of truth
improves data availability and transparency, allowing for easy verification.
By digitizing processes, companies can make them cheaper, faster and more
Significant time and cost savings
Companies gain a number of advantages by utilizing blockchain technology,
including greater efficiency and reduced risk
of counterfeiting; access to more comprehensive and real-time data; and the
ability to build direct relationships with
consumers through tracing apps.
Fight against corruption and fraud
Streamlining purchasing processes
Consumers can easily know that a product is authentic and have access to the
full life cycle of the product or service.