BLOCNETS, the intelligent supply chain on the blockchain, today announced RATIO, a blockchain-as-a-service that enables companies to obtain the management line of sight, security and productivity they need to dramatically improve performance across the extended supply chain.
RATIO, a fully developed blockchain-for-supply-chains solution on the market, integrates SAP’s Leonardo services (SAP’s Hyperledger technology with the Internet of Things, machine learning and data analytics) into a secure cloud platform for commercial use. Using RATIO, network originators can affordably connect their extended supply chains down to the smallest suppliers, obtaining the visibility and high-quality data needed to improve their performance. At the same time, small- and medium-sized suppliers can substantially enhance inventory efficiency, meeting order requests faster and shortening their cash-to-cash cycle.
[perfectpullquote align=”full” bordertop=”false” cite=”Robert Betts, CEO of BLOCNETS” link=”” color=”” class=”” size=”16″]“RATIO is a true peer-to-peer network that’s enabling all participants in extended supply chains to benefit from the integration and reduce the cost of daily operations. By implementing RATIO, companies of all sizes obtain a more trusted, efficient and transparent supply chain that reduces the time delays and human error that plague today’s trading partners.”[/perfectpullquote]
Bringing blockchain to the supply chain
Named for its emphasis on the correlative relationships that are the key to a well-functioning supply chain, RATIO is built on the open source Hyperledger Fabric technology implemented by SAP, IBM, and AWS. (This current version is built on the SAP platform, with future versions for IBM and AWS slated for later this year.) Using RATIO, companies throughout the supply chain encode each transaction into a block of digital data as the parties agree to the details. Each block is connected to the one before it and after it, creating a permanent and immutable history of every product from origin to sale.
With a shared record, reconciling disparate ledgers becomes a thing of the past. Information is shared across a private network on a need-to-know basis, and transactions are permanently recorded without the risk of anyone deleting or altering any information.
Solving today’s supply chain problems
RATIO economically integrates participants across the extended supply chain at both the operational and data levels. By implementing this blockchain-as-a-service, companies of all sizes can:
- Intelligently manage relationships: The multiple relationships that exist between participants in the network can be automated and integrated. Relationships extend beyond direct buyers and suppliers—leading to fast flows of materials and information and a significant reduction in the network bullwhip effect.
- Quickly track every component: All materials and parts, production processes and shipping activities are tracked as they move across the supply chain without the need to log on to a separate system or portal. The corresponding digital data that’s produced provides a permanent record of the sequence of activities.
- Obtain built-in product validation: The quality of materials and parts in the network is automatically validated upon shipment and receipt based on design specifications and production requirements.
- Prevent counterfeiting: The origin of all materials is 100 percent validated upon receipt. If a material cannot be validated at any location, it will not be received into the network.
- Secure intellectual property (IP): Digital IP of all types is secured both during storage and distribution including bill of materials, manufacturing statistics, quality metrics, x-rays, photos, 3D printer files, and other documents.
- Easily search their data: Every block in the blockchain can quickly be searched for specific data including material numbers, serial numbers, shipping numbers, production order numbers, and other information.
- Fulfill orders on time: Users can quickly ascertain the location, count and status of any material or part in the network—obtaining the transparency needed to quickly, accurately and cost-effectively fulfill orders.
RATIO is currently available as a 60-day free trial.