From a data perspective, blockchain can also be very helpful to identify and understand the underlying data in an immutable way. In other words, none of the supply chain points can change the data later. Doing so makes the data more credible and accurate. Blockchain data is typically shared and distributed by nature, so the concept is that whenever data gets updated in blockchain, it gets shared across a network or secure way without being editable.
In addition, within a Clarity eCommerce framework, we enable access to this supply chain management blockchain view if desired by a client. One example might be for a very high-end diamond, being able to see where it was sourced. Using blockchain, the platform is able to show that it was sourced ethically. Other data can accompany it, such as financial transactions and approval steps during the course of the financial transaction.
This can be very helpful to facilitate trade in foreign countries, because the infrastructure can help prevent theft or crimes that occur around fraudulent transactions. It can also help weed out misrepresented items. These risks can be significantly diminished by having a very strong distributed ledger among blockchain eCommerce platforms. It forensically verifies who was involved in every transaction and what steps the item took to reach a particular company.
All of these aspects give more robust tracking of fulfillment and financial aspects of the transactions, and the process can be tied to cryptocurrency for payments. This can help many companies reduce their transaction costs and fees, and also to work with markets that they might not otherwise work with.