One Network launches real-time chain-of-custody
February 28, 2018
Multi-provider digital network provider One Network Enterprises has launched a cross-industry Chain-of-Custody solution built on its Real Time Value Network (RTVN). By providing serialisation and tracking across complex supply chains that involve multiple parties and hand-offs, this solution builds on the capabilities of blockchain to help mitigate threats such as product diversion, counterfeiting, grey market distribution, spoilage, substandard products, and unauthorised introductions.
According to One Network, the new Chain-of-Custody solution was developed to deal with today's supply chains where end-to-end serialisation - from raw materials to consumers and beyond - is not an all or nothing proposition. The solution is designed to increase the lengths of chain-of-custody segments until the segments merge to form a full end-to-end secure chain. The Chain-of-Custody solution supports serial tracking, lot tracking, hybrid tracking, lot splitting, tracking through consolidation and de-consolidation, tracking through blending and discrete mixing, hierarchical IoT operations, partial chains-of-custody, and targeted recalls. It also supports fine-grained, state-based distinct confidentiality for owners, possessors, re-callers, QA, customs and other parties.
"The global implications of substandard, falsified, and counterfeit and substandard products are huge," said Ranjit Notani, chief technology officer of One Network. "While some of the compromises in traditional Blockchain solutions must make the difficult choice between confidentiality, single-version-of-the-truth, and a lack of scalability, ONE Blockchain is fully integrated into One Network's global fulfilment backbone offering a completely secure application with fine-grained confidentiality at all levels, while maintaining a single, trusted record for every transaction without requiring any expensive integration into supply chain operations."
"By facilitating the mass serialisation and lot tracking, the new Chain-of-Custody solution helps organisations comply with global mandates such as the recent U.S. Drug Supply Chain Security Act," said Greg Brady, chief executive of One Network. "Because the offering is a part of our Real Time Value Network, participants can react in near-real-time to various issues in the chain-of-custody while Intelligent Agents can respond to these issues and resolve or recommend solutions as they occur."