GSC Platform: A Blockchain Backed Supply Chain Management Software.
The main source of expenses of companies is related about purchases and it is up to 80% of the total expenses. The current supply chain process is full of tedious and time consuming tasks for the purchasing department. The lack of transparency (parts certification-counterfeited parts), speed, security and automation lead to huge losses for companies and important delays in their sales, while jeopardize their customers safety. We provide to businesses a blockchain backed purchasing management.
One of the technologies that have a potential to improve the supply chain is blockchain technology, blockchain technology is a game changer for supply chain management through allowing automation of processes and tapping a decentralized environment. Blockchain automation is possible through the use of smart contracts and distributed ledger technology. Smart contracts and distributed ledger technology allows a trusted business environment that is easily audit-able, analyzed and improved.
One of the projects using blockchain technology towards improving the supply chain management is GSC Project, the project is led by a specialized team that has vast experience working in supply chain management and they plan to release a platform that allows businesses to tap a decentralized market through software and hardware that add value to the supply chain. The platform has real potential in changing how businesses handle their supply chain management through tokenization of the environment and also the ability to tap small businesses through the integration of their small businesses with the platform.
problems does GSC Aviation solve?
Genesis Supply Chain (GSC) Aviation will use Blockchain technology to ensure buyers and sellers related to the aviation supply part industry benefit from a well-organized system which makes their very stressful lives, much more comfortable.
There are many problems GSC helps to solve for both the buyers and suppliers. However, the three listed below are the most severe issues which GSC promises to fix.
GSC will use smart contracts to reduce the amount of raw paper documents which are replaced by an electronic agreement system. Smart contracts help exchange money from the buyer’s end for a particular aviation part from the supplier.
This electronic agreement executes according to predefined rules which will not be successful if the supplier does not do his due diligence in manufacturing and delivering the right part. Also, the supplier may not agree to certain servicing conditions, which the smart contract will facilitate from the buyer’s end according to aviation laws.
Coping with Technologies
Automation, Robotics and various other technologies have created parts which are unknown in the market. Suppliers may not be able to reach the global aviation buyers, while buyers may not have any luck in finding a more advanced part which could result in the airplane being much safer.
Thus, GSC creates a blockchain based decentralized platform where buyers and sellers commonly interact helping them to connect with each other. Finding the right product, at the ideal price, and at the perfect time has never been easier for aviation part buyers. GSC’s interactive search module creates an indexed rating system with top-rated vendors shown first.
The aviation industry is extremely competitive, and the benefits that the GSC platform brings will ensure a market which delivers a high-quality product. The airlines will enjoy satisfied passengers, higher safety standards, a reduction in airline delays, and no catastrophes.
Counterfeit parts and damaged pieces due to manipulation or human error are eliminated thanks to GSC’s traceability. Accidents which can claim people’s lives such as the crash of Partnair Flight 394 in 1989 due to the installation of counterfeit aircraft parts are prevented. The Partnair Flight 394 crash was due to fake bolts which were wearing down excessively leading to the tail vibrating and breaking off. A counterfeited part will automatically be refused in GSC’s platform as specific compliances such as the Federal Aviation Administration and Parts Manufacturer Approval will have to be fully verified first.
GSC Platform advantages:
GSC Plans to offer solutions to the problems stated above, the main technology behind GSC platform is blockchain technology, blockchain technology offers a smart system that is automated and stores data in distributed ledgers that makes it easy to audit and monitor, this will allow businesses to be more transparent in their operations and eliminate the problems of opaqueness in centralized distributed ledgers.
GSC Platform will also improve the businesses supply chain through its scalable platform that allows businesses to have multiple touch points and allows the participants in the value chain to collaborate in the whole supply chain system.
Distributed supply chain systems are more secure than centralized systems because of the vulnerabilities of inaudible ledgers, this makes business operations risky and GSC platform empowers businesses and provides audit-able systems that are easily monitored by internal systems and processes.
Genesis Supply Chain Platform is a company based in France. Their primary aim is to develop a supply chain solution to improve part safety and streamline processes for Supply Chain Industry. They provide a platform to all purchasing professionals to improve their businesses which will result to a reduction in costs and time with an easy tool to implement using blockchain technology. The company’s goal is to simplify the processes involved in managing the supply chain and improve part safety with end to end parts tracking from manufacturer’s level to the installation level using the blockchain technology. There is the provision of efficient and powerful technical tools for securing and streamlining internal processes for suppliers and buyers. Also, through the incorporation of blockchain technology, there is an assurance of speed and security in transactions to keep immutable records of parts throughout their lifecycle.
For more information about the project please visit the Following Links:
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