Blockchain technology is able to solve the data consistency challenges that the supply chain industry has been facing traditionally, problems such as low transparency or unreliable sources.
At the same time, blockchain itself presents some limitations in terms of identity management, private key management, ease of deployment, flexibility, among other issues.
VAULT X is an enterprise blockchain solution focused in solving these problems to enable blockchain-based supply chain solutions tackle the traditional supply chain challenges in a secure and efficient way.
Once published to the blockchain, information cannot be tampered, and it can be traced back to its source. This is essential to resolve the trust issue from traditional supply chain infrastructure.
Supply chain up and downstreams can access the blockchain to obtain real-time information. Data exchange between businesses no longer requires transfer through EDI, making the access to the information faster and more convenient.
All data on the chain can be verified instantly by any party, solving the problem of isolated data between enterprises, and helping to achieve a higher overall supply chain efficiency.
Only secure authentication can enforce the accuracy of all the information on the chain.
Blockchain can solve the problem of data tampering, however, it cannot solve the problem of incorrect data being published on the chain. The lack of a reliable identity verification mechanism in place can lead to false or useless information flooding your blockchain.
Only a system that allows multiple authority levels of approval and signature meets the needs of real use cases.
Current blockchain signature mechanisms (both single signature or multisig) only provide same-level authority approval and signature.
In real world scenarios the importance of different levels of authority in the approval process is critical, so the lack of a configurable multi-layer, multi-signature mechanism limits the full range of benefits that blockchain can introduce to maximize the efficiency in the supply chain.
There are different blockchains available. Each one of them helps address different needs, but once selected, it is usually difficult to migrate from one blockchain to another. Whether it is a consortium or a private chain such as HyperLedger, Corda or Quorum, different customer needs may lead to different choices. High adaptability is surely a challenge.