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Smart Contracts Thirdly, let us briefly introduce the concept of smart contracts. Smart contracts are basically contracts that are based upon blockchain technology. It enables us to design systems where certain transactions are executed only by authorized parties under pre-established conditions. For example, a transportation agency may have a smart contract with a factory regarding the handover of consignment.
The smart contract may enable automatic authorization for the payment against the trade payable. This would have required manual authorization in a non-blockchain-based system. Why do we need blockchain in the supply chain?
Currently, we manage the supply chains using enterprise resource planning software or ERP. These systems maintain a centralized system of managing assets, resources, and finances. However, there are certain limitations associated with these traditional systems. The traditional ERP systems are not designed to automatically handle conflicts or disruptions in the supply chain. Move to manually intervene to audit and correct certain problems.
Also, these systems are more vulnerable to attacks and forgeries. Overall, they also slow down the decision-making process. One of the biggest contributions of blockchain is that it is going to integrate the informational and financial flow across the supply chain. The use of supply chain cryptocurrency will help us have real-time control over the systems. Therefore, we shall be able to manage three critical flows of the operations and supply chain department: Inventory flow Information flow Inventory flow The first step is the movement of raw materials from the suppliers to a firm.
On the other hand, we have the movement of finished goods from a firm to the customer. People in an automobile phone. The raw materials can be parts that they procure from suppliers. Is the vehicle which is dispatched to the wholesalers or retailers.
Traditionally, ledgers were used to track the inventory flow. Although they are quite at keeping track of the movement of goods, they do not capture enough information to aid in real-time analysis and fault detection Financial flow We can also imagine the entire supply chain in the form of a financial flow. As the raw material moves from the suppliers to the firm.
In this state, basically, we are adding some value to the raw materials. This value is being added when we create a good that is superior to the raw materials in terms of functionality. Similarly, the finished gold also changes hands from the firm to the suppliers and eventually to the customer. At each stage of the supply chain, there is a change in the value of the consumer goods and services. Information flow Similarly, there is a flow of information that takes place throughout the entire supply chain.
Different managers have got different levels of access to this information. For example, when a shipment is received by inland transportation, it gets scanned and recorded in the system. This information is reflected in the inventory management software. Integrating these three flows using blockchain Blockchain-based systems basically integrate all these different information flows into one coherent system.
And we attach a cryptocurrency-based transaction to the supply chain, we are automatically ensuring that cost, quality, quantity variables are updated. Further, these variables are difficult to fudge because blockchain technology uses distributed ledgers. Advantages of using supply chain cryptocurrency The use of cryptocurrency in the supply chain brings in a lot of advantages.
As we have discussed earlier, the primary advantage is the integration of the three different types of flows. However, we also have other tangible benefits. Background graphics from Freepik The use of crypto currency reduces the amount of paperwork.
When we go for a digital currency like crypto currency, we are automatically reducing the amount of paperwork that is involved in the transfer of ownership as the consignment is transported from one location to another. We can automate a lot of these steps. Therefore, we also reduce the paperwork involved. For example, there can be up to change of hands for a consignment that travels across continent from a country like Vietnam to Norway.
Each step can introduce some uncertainty and point of error when we use paper-based system. The use of blockchain also offers higher accuracy and reliability in tracking of the goods movement. As we have discussed in the earlier point, the news of blockchain also allows us to minutely monitor each step of the shipment.
Although this can be done using RFID tags in dependently from the blockchain. However, when we attached the value of goods using cryptocurrency, then it includes a higher level of protection. Another advantage of using cryptocurrency in supply chain is that it deters privacy and counterfeit products. There are certain goods which are extremely valuable and also prone to piracy. For example, let us consider that a box of luxury shoes is shipped from Italy to Shanghai. It becomes impossible for the retailers to track where the goods came from and validity of the same.
Similarly, we consider the case of diamonds. Using cryptocurrencies, we can track the origin of the goods. Later we shall see how certain cryptos allow us to do this. The use of cryptocurrency also increases the visibility of the movement. This helps us in monitoring the movement of goods in a more granular manner. It is extremely helpful in scheduling.
It led to widespread disruption of the supply chain. In these critical times, it became very important to understand where the goods were stuck in the supply chain process. Companies that have used modern tracking systems.
Are able to track the movement of goods. This tracking becomes much more accurate when we use blockchain technologies like cryptocurrency and smart contracts. The use of cryptocurrency in supply chain also increases the resilience of the supply chain. Cryptocurrency also helps in the analytics. Firstly, it can reduce the time between the event occurrence and detection.
Secondly, it also improves the speed of decision-making once we realize that there is some problem. Thirdly, it also helps in understanding where the fault lies and correcting it without human intervention. Finally, one of the advantages of using cryptocurrency in supply chain is that it helps us in origin tracing. Origin tracing is a method that we use to trace the point of origin for a product or for any longer. This has become extremely important when we see that there are certain problems associated with specific raw materials used in products.
Apple had come under a lot of scrutiny for using conflict materials. Conflict materials are those materials that are sourced from countries which have problematic geopolitical situation or employ child labor or are detrimental to the environment. Also the exchange is fully ready to work from the legal, technical and user sides. Strict adherence to the procedures of KYC and AML is necessary to create the initial trust of the exchange as the holders themselves who own AK Access Coin, which is used by the exchange in accounting revenues from all exchange commissions , who are entitled to get the lifetime bonuses, as well as any further customers of the exchange.
The goal is to work qualitatively, create and expand the client base of worthy clients for whom both the exchange and the whole AK ecosystem will offer the best opportunities to work with cryptocurrency and crypto tools. Trading, simple exchange, fast transactions, communications, convenient cryptocurrency payment system, marketplace with cryptocurrency payments - these are the tasks that the ecosystem in general and the exchange in particular solve for their customers.
The exchange interface is conveniently splitted in two parts: professional cryptocurrency trading platform simple and user-friendly interface for buying and exchanging cryptocurrency As part of creating an Ecosystem, the exchange crypto module is built into the AK Ecosystem Messenger, which you can download for IOS or Android The messenger can only be accessed by invitation, this is how we avoid mass registration and fake accounts. Regular users and professional traders can use various trading mechanisms, including simple exchange, order book trading, API.
To authorise transactions, AKAC1 tokens are required. The owners of AKAC1 can hold them in the System Pool and receive earnings from all exchange transactions of all other users. The fee is distributed automatically among the holders by the smart contract. At any time holder can withdraw their tokens from the pool or deposit them.
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