With blockchain, we see a future where there is a single source of truth for all transactions between businesses, says Vaideeswaran Sethuraman of Param Network
With blockchain implemented as a core technology, it is expected to facilitate many functions, including the supply chain. Not to mention, the supply chain plays a critical role across industries from retail to fashion and lifestyle among others. In a conversation with FE Blockchain, Vaideeswaran Sethuraman, Founder and CEO, Param Network, talks about how the company is trying to revolutionize with the implementation of blockchain. (Edited excerpts)
Can you explain how you are redefining the supply chain through blockchain?
By definition, a supply chain means that more than one company comes together. However, there is no clear backbone available for these businesses to share data in a digital format. This is where blockchain can play a very big role in establishing a backbone for all businesses to come onto a network and share information securely. Blockchain is a peer-to-peer network, which means that a very good methodology has been established for the safe sharing of information without conflict and without trusting each other. This is why we believe that blockchain is the best technology to create a fundamental backbone for businesses to share information using a highly trusted network.
How will blockchain upgrade the existing technology and do you think it will solve the trust problem when it comes to data?
Just because a supplier is part of a supplier portal does not mean that a transformation backbone has been established between the two companies. The lack of standardization means that suppliers have to log into multiple portals to download and upload files, making digital transformation and automation difficult. This is where trust is broken because data is based on the customer’s terms, and the suppliers do not have the opportunity to prove their own invoices. Blockchain technology allows suppliers to independently verify their own invoices without depending on the customer, as the data belongs to both parties. This creates a good audit trail and assurance that the data is non-temporal, meaning that decisions can be made based on the data.
It is very interesting. How do you see the future of supply chain with blockchain?
With blockchain, we see a future where there is a single source of truth for all transactions between businesses. This will enable better decision-making and cooperation between companies. In addition, the ability to share information in a trusted network will significantly reduce the risk of fraud and error, improving the overall efficiency of the supply chain. We believe that blockchain will play a critical role in the future of the supply chain.
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