For hundreds of years, economists have been exploring people’s behavior. How we make decisions, how we act individually and in groups, and how we exchange value. They have examined institutions that smooth the way for our trade like legal systems, corporations, marketplaces. A new technological institution has emerged that is fundamentally changing how we exchange value, called the blockchain. Blockchain is a continuation of the very human story. As humans, we tend to find ways to lower uncertainty about one another to exchange value. Blockchain lowers uncertainty and therefore promises to transform the economy in radical ways. Industries like Supply chains can benefit a lot from this technology as trust and uncertainty are two of the major issues in supply chain management.
Creata chain is an interoperable network of blockchains. The vision of the Creata chain Network is to break barriers between blockchains by allowing them to transact with each other. This vision is achieved through a set of open tools like Creata SDK; a software development kit for building customized blockchains, Augusteum Consensus core; a Consensus Engine, MSM;the programming interface to choose the language of choice, and ICP,a Communication Protocol that helps independent blockchain communicate with each other. Creata chain with its ability to connect blockchains can revolutionize the system of supply chain management. With interconnected blockchains, we can easily track every step of our shipment thus solving most of the problems of supply chain management.
Supply chain management is one of the densest aspects of running an industry or an organization. However, the Creata chain can help to simplify this incredibly complex process as well as make transactions more secure. A major benefit of supply chain management with the Creata chain is that it eliminates information delays. It does this by ensuring there is a single source of information for all products in the supply chain. Participants in the supply chain can add details about products, which are then sent to all parties along the chain immediately.
The CreataChain does this by its system of Arch chains and sub-arch chains. The Arch Chain keeps up with the blockchain communication that takes place between the Sub-Arch Chains. Data transfer from one Sub-Arch Chain to another with proofs of it being recorded. This leads to better transparency for all parties and helps to improve efficiency. For instance, when manufacturers get real and accurate data, they do not have to make rough estimates of how much of a product they might need to produce.
This is especially important in the food industry where there is a lot of wastage due to inefficient sharing of information along the supply chain. Creata chain network can help track raw materials, which will also help to assure customers of the health of their purchase. It ensures that contaminated products from unknown sources do not find their way into the supply chain. Interoperability is simple in the Creata Chain Network because any crypto asset can be transferred using the ICP.
Transparency and security are introduced in supply chain management by the Creata chain network by bringing all the information into our hands. We can just pick up our phone, take a picture of the food label and then see a little map of where all the ingredients came from. Now we can keep track as a product moves along its supply chain. The Creata Chain network is based on the Augusteum Consensus Core which relies on a set of validators that ensures the security of the network.
The Creata chain also has a native token of its own known as CTA or Creata Coin. CTA in the supply chain can become a token that has a distinctive value attached to it. The CTA represents the product of value that can be consumed, combined, and transferred by the token owners. Payment of transportation and income of employees can be transferred using CTA which later can be turned into either fiat currency or can be exchanged or stored as a cryptocurrency.
Thus, the Creata chain is ready to revolutionize the industry by introducing new elements in the industry and by addressing the existing issues. The Creata chain is going to make a difference in supply chain management and help eliminate the trust and uncertainty that is now so common because of bad online shopping experiences. The gain of trust will not only benefit the suppliers but will also help the industries grow and will ultimately end up uplifting the economy.
Source: https://thenewscrypto.com/creata-chain-supply-chain-management-issue/