Halotrade Technology

 Enabling the Track-and-trace of all the Components of the Supply Chain.

Various database and tracking technologies have been used in the past to digitize the supply chain workflow and establish provenance of products. However, none have been able to give all parties visibility across the supply chain.  Blockchain technology, for the first time, enables a solution to the trust problem, by bringing immutability and transparency, real-time shared access to all parties and therefore a single version of the truth.

Within supply chains, blockchain technology provides an encrypted digital ledger shared by all supply chain participants that provides permanent transparency and validation of transactions. It breaks down each action along the chain into a “block” and documents transactions every time a shipment changes hands.

Block Chain“Blockchain technology, for the first time, enables a solution to the trust problem”

Various database and tracking technologies have been used in the past to digitize the supply chain workflow and establish provenance of products. However, none have been able to give all parties visibility across the supply chain.  Blockchain technology, for the first time, enables a solution to the trust problem, by bringing immutability and transparency, real-time shared access to all parties and therefore a single version of the truth.

Within supply chains, blockchain technology provides an encrypted digital ledger shared by all supply chain participants that provides permanent transparency and validation of transactions. It breaks down each action along the chain into a “block” and documents transactions every time a shipment changes hands.

In the garment supply chain for example, at each step a block is created documenting the transaction — as the textile manufacturer buys the raw materials, as the clothing manufacturer buys the textiles, as the manufacturer then ships the clothes overseas, and as they are imported and distributed to retail stores.  Linking these blocks or records together creates a record for all parties involved and provides details that all parties can access and confirm in real time.

This record becomes part of a permanent digital history as the product moves through the chain.  It creates the much sought after “single version of truth”, creating transparency, showing and verifying how each actor behaved.  It is not owned by any one trading partner, and no single party can modify, delete or append any record without consensus from all others in the network.

The Halotrade system can provide the automated cascade of cheaper financing, subject to the sharing of trusted product and financial data across the supply chain. Smart contracts autonomously measure suppliers’ compliance through a range parameters and accordingly manage product progress throughout the supply chain.
Crosschecking purchase orders with invoices and goods received notes, the smart contract automatically generates an irrevocable payment undertaking from buyers at the top of the supply chain. Approved invoices are then discounted by financiers instantly, cascading affordable finance through the supply chain tiers. Our scoring algorithm rates the relative sustainability of the entire supply chain, and this drives the price of the financing. The better the score, the lower the rate, clearly linking ethical performance with financial reward through improved margins.

View Halo Ethical Trade Ltd profile on Ariba Discovery