GoChain’s GoTrace: Fostering Transparency in Supply ChainJuly 6, 2020
2020, June 25th, GoChain announced a cutting edge application of its blockchain- GoTrace to function as a blockchain-based track and trace platform to foster transparency in the supply chains of businesses.
Challenges of Supply Chains Today
Businesses which need to transport goods from a location to another face risks of loss, damage, fraud daily. They have to trust courier services based on reputation even if the reputation is built on falsified data. There is no way to transparently confirm the integrity of services rendered in transporting goods. If the goods are replaced, because of the centralized data centres which are used to confirm the originality of goods, there is a risk that data hacks might have happened somewhere along the line to compromise the integrity of confirmation of goods.
To other stakeholders who might be interested in the history of goods they want to purchase or order to determine it’s genesis, there are no transparent means to verify this information except for the ones listed online on the reviews page. Even if these goods are ordered, tracking them is becoming more and more difficult by day as tracking services are unreliable. There have been several cases where there are misinformation or mistakes in the data provided of a product which should not be so if there are transparent and reliable data sources.
GoChain’s Solution – GoTrace
GoChain’s decentralized track and trace platform, GoTrace, was built to ensure transparency in the supply chain. Data records of goods such as GPS, Timestamp and other metadata are safely stored on the blockchain where they remain unchanged and can be updated as they move through the supply chain. This is a trustless service since the blockchain is immutable, unhackable, and unbounded by boundaries. GoTrace makes data pertaining to a product private and only visible to the authorized parties. On the blockchain explorer, the data looks like a normal transaction hash with hidden details.
A Free Trial for all
GoChain has opened up a free trial for any interested member of the public to test the platform to understand it’s working and apply it for real challenges. GoChain’s Proof of Reputation (PoR) consensus algorithm has proven its presence and application again as an enterprise based blockchain with a green sign.
The algorithm uses the reputation of known organizations, corporations or companies such as Lenovo, Dish, Sling, etc. to qualify them as nodes which confirm transactions and find new blocks. Since there is no competition between miners around the world to confirm transactions and find new blocks, there are no miner rewards. No competition also means lower energy consumption which makes their operations environmentally friendly and transactions faster. The location differences of the validating nodes further emphasizes its decentralization.
Blockchain further adoption Courtesy of GoChain
Blockchain Technology is gaining the world’s approval daily and GoChain is working to make that a reality on two distinct fronts. First, it’s Proof of Reputation consensus algorithm attracts organizations both centralized and decentralized to run nodes. Currently, there are a good number of centralized organizations running a GoChain node now. Second, its use cases like Gotrace is inviting even more enterprises and individuals to use the cutting edge solution.