One question that arises in the minds of the manufacturers or end-users is “what all-in-one application can help track down the precise location of the product? What application can show the estimated time of delivery and also provide real-time updates?” It is quite a time-consuming task to track a product within a traditional supply chain. Thereby, participants of the supply chain are looking into a digitized option.
Every type of business face packaging issues, be it cosmetics, fashion, food, beverages, FMCG, footwear, or automotive parts industry. Be it counterfeit goods being fatal to innocent lives and causing financial loss, or the irreparable damage a brand faces due to a consumer’s displeasure. Business entities are looking for a solution to end the troubles of a delivery system.
As the IIT-K incubator firm, medGrids came across these questions themselves, they decided to launch a product called blokChi – an all-in-one packaging solution to help improve efficiency within a supply chain.
Mechanism of Blokchi
Blokchi is an application that features both blockchain technology and NFT generated unique QR codes that are affixed on each product. Blockchain enables transparency and accuracy in the end-to-end tracking mechanism within a supply chain. Blockchain digitizes the product, creating a decentralized immutable record that cannot be altered or tampered with by any participants, however, can be viewed by all.
Industries have started acknowledging how blockchain’s uses are not limited to the finance industry only. It has proved to reduce fraudulent activities such as panic buying, reduce losses due to grey market trading of faux goods, streamline the procedure of a product’s journey to deliver on time, and accelerate the transfer of data through a distributed ledger to produce timely updates.
To date, the biggest application of NFT (non-fungible tokens) has been observed in the world of art, where a curator (collector) is shelling out to claim ownership of a virtual image that cannot be duplicated. Howbeit, blokChi has discovered a new way to use NFTs! Attaching NFT to an individual product allow supply chain participants to get a close view of their goods.
Packaging Solutions of Blokchi
Blokchi introduces nine packaging solutions to consumer companies facing challenges in delivering consumers 100% authentic products and providing a visible supply chain:
- Serialization: The NFT QR code contains unique serialization attached to each product rather than an entire shipment helps identify one product from another. This benefits in tracking journey effortlessly. It also helps the end-user to interact with the brand resulting in the increase of product performance.
- End-to-End Track & Trace: Blokchi ensures that e2e tracking unlocks complete transparency across the network of participants. In addition, the QR code affixed to a product also produces real-time updates of the accurate reflection of the product’s location.
- Anti-Counterfeit: Blokchi prevents fraudulent crimes such as the production and supply of counterfeit products. The blockchain-technology prohibits the entry of duplicate products within the respective supply chain. This helps companies mitigate the risk of losing money. Blokchi ensures that every product in the supply chain is authentic and genuine.
- Anti-Hoarding: Hoarding of products within a supply chain causes the inventory to dwindle. Through Blockchi’s visible supply chain and tracking mechanism, a manufacturer can locate where hoarding occurs. It also removes participants involved in illegal activities like this.
- Product Recall: The QR code also determines if the product is soon going to be expired, or, is damaged. After Blokchi traces the product, it can easily recall the product to the warehouse due to efficient tracking.
- Inventory Management: An efficient inventory helps keep track of the supply and demand shifts which helps avoid stockouts or excess stock. Improved inventory leads to improved delivery performance and increased customer loyalty as their demands are met timely.
- Consumer Behavioral Insights: A consumer’s behavior concerning their shopping patterns changes frequently. However, a company needs precise data to predict the supply and demand shifts. Blokchi’s consumer behavioral insight helps differentiate between different types of buyers ranging from habitual buyers to variety-seeking buyers.
- Customer Loyalty Program: The sustainability of a brand depends on the customer engagement rate. Loyalty programs such as reward points, exclusive offers for members or long-time consumers, incredible deals are some great ways to engage consumers. A consistent and creative customer-brand association can help boost brand loyalty.
- Brand Integrity: Efficiency with the supply chain and consumer satisfaction help decide the reputation of the brand. As Blokchi prevents counterfeit activities, hoarding, enhances the visibility in the supply chain, and safeguards each transaction; it helps improve customer value that results in repairing brand integrity.
summary
In summary, the blockchain-based and NFT-enabled application, Blokchi acts as a boon to various industries across the globe. The aim of Blokchi is to increase transparency, prevent loss of sales and revenue, prohibit suspicious activities, encourage consumers to maintain trust in the brand, and continually purchase a particular product from the same brand.
