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Our GSC solution provides a shared and reliable platform for updating information such as a supplier’s financial strength, payment terms, quality standards, prices, delivery terms, service specifications and part specifications as well as dispute resolution procedures. The GSC platform enables faster, efficient integration of new suppliers. In the background, a large, decentralized network of computers records each transaction made by a member of the supply chain in a shared register (the blockchain) that is continuously and collectively updated in real time. In addition, a POW consensus algorithm running on all of these computers ensures the validity of each transaction and prevents fraud and malicious attacks.
In a critical sector like aviation, knowing the source of all parts, having product quality information and being able to locate the supplier of a faulty component is crucial for industry players. In addition, the transparent and verifiable features of blockchain technology enable an effective and rapid response to fraud detection.