SCM
The value of adopting blockchain gets more significant as more entities involved in the transaction.
The more entities involve, the more time and effort it takes to verify transaction at each step. In the complexly interconnected industry, the effectiveness of blockchain is considerable as various entities can share data at the same time with transparency. This is why the supply chain is the representative industry that blockchain can revolutionize.
When we combine blockchain with other technologies such as IoT or sensors, productivity and efficiency of collaboration will be enhanced significantly throughout the whole process of making the product from material, and delivering to the end-user. Ultimately, the end-user can gain more accurate and reliable information on the product. In this way, blockchain can be applied to every product – from a bottle of beer to a luxury bag.
Authentication
Lambda256 supports issuing ERC-721 tokens, non-fungible tokens. An ERC-721 token has a unique value and irreplaceable. With ERC-721 token, businesses can issue a non-fungible token associated with one genuine product, and use it to authenticate and ensure ownership of buyers. By authenticating the product on the blockchain, buyers can trust the quality of product and easily engage in transacting secondhand goods. Ultimately, blockchain networks increase transparency, traceability, and exchangeability. This leads to less distribution of imitated goods and more satisfied buyers.