Silk Road Foundation: Use Blockchain To Upgrade Supply Chains?

What Is Silk Road Foundation?

The Silkroad Foundation, or just Silkroad, describes itself as the blockchain innovation in the supply chain. With blockchain rapidly being adopted in virtually every industry, a group of industry experts came together to find the most practical and seamless ways to integrate blockchain in the distribution of physical goods from the point of production to consumption. Silkroad leverages blockchain to increase the efficiency and transparency of the supply chain as well as cut costs while improving the market scalability.

The Problems Silkroad Foundation Aims To Solve

There are a handful of crucial problems hogging the current supply chain process that blockchain can address. First off, price fluctuation that occurs mainly due to asymmetry of information is costly to all parties in the supply chine. After all, the system runs best when there is consistency in pricing and supply.

Secondly, there is a serious problem of overproduction and waste everywhere and at every stage of the supply chain. With blockchain, Silkroad hopes to make it possible and easy to control how much goods is produced based on demand rather than let demand dictate the prices.

There is also a major problem of counterfeit and sub-standard products. For the market to thrive, the consumers must have absolute trust in the quality of the products they purchase. A healthy business environment is possible if every player in the chain can refer to the blockchain, easily and conveniently, to determine instantly whether a product is what its wrapping claims it to be.

How Silk Road Foundation Uses Blockchain To Upgrade Supply Chain

Silkroad will use emerging distributed ledger technologies to reign in on price fluctuations, minimize overproduction and waste, and put an end to counterfeiting. With its token economy, the buyer will be able to purchase directly from the producer in a traceable and transparent manner. The transparency and dependability that blockchain brings is crucial to enabling customers to know who or which companies they share values, which ones best demonstrate sustainable manufacturing, and even make communication between all parties in the chain easier and faster.

Silk Road Foundation Conclusion

Silkroad Foundation is a combined team of technology experts from China, Taiwan, and Korea who have come together to discover and try out all the possible ways that blockchain can improve the business supply chain process. When completed in the second quarter of 2019, the public Silkroad blockchain platform will run on an economized token and will focus on providing the most directly beneficial services for producers and consumers as well as every player in between them.