TEMCO ICO is basically a blockchain platform designed to be a supply chain solution. Based on RSK Bitcoin blockchain this project has a long-term goal in its radar. In current systems, information is loosely connected and often found baffling which force consumers confusions and doubts in their minds about specific product quality. As a result, business fall down and companies loses out on capital subsequently. TEMCO project plans to solve this issue by means of connection among isolated supply chain processes and also to offer data services on different scales.
Through TEMCO ICO, consumers will be able to choose products that have passed through reliable supply chain management standards. Businesses will be using the TEMCO platform. They may also increase profitability by optimizing product sales strategy using supply chain information within the blockchain. The cost of introducing such infrastructure for SMEs can also be drastically reduced. In the past, it took several million dollars to develop supply chain management infrastructure for SMEs. The TEMCO platform, however, seeks to connect every participant under a single platform that offers big data analytics without the need for a large initial investment or additional subscription fees, as the only cost is for execution of Smart Contracts within the ecosystem.
There is also an advantage in strengthening the product safety mechanism. In the existing system, it was difficult to identify the cause of quality-related claims. With the introduction of the TEMCO platform once it is developed, it will be possible to trace distribution history down to a single order, which can help identify the responsible party if a dispute occurs. Therefore, it is expected that it will help manage food safety at the government level including the Ministry of Agriculture and Forestry and the Food & Drug Administration.
TEMCO will also capitalize on the advantages of a private blockchain. Confidential information that should not be disclosed can be managed without being exposed on the platform.
The TEMCO team will also build a consumer application and platform for big data analytics. The application will increase consumer confidence in products by providing real time supply chain information from beginning to end. The platform for big data analytics based on the data collected in the blockchain will enable SMEs to develop a low-cost supply chain infrastructure and to gain business insights.
Problems Inherent in due to Lack of Supply Chain
We have observed that consumer expectation levels for product distribution management are rising alongside the increase in national income levels. How supply Cham ever, many of the current supply chain management systems lack. As a result, consumers’ confidence in product distribution is very low.
Some large corporations are developing their own systems to manage sourcing, logistics, and distribution of goods. However, the system is usually tailor-made for individual companies, which means their versatility and transferability is low. On the other hand, small-scale logistics/distribution companies may lack the investment capability to develop their own supply chain management systems.
According to the data, the investment cost for the informatization of domestic supply chain companies is 1% of the sales amount, which is lower than the industry average (I .6%). The rate of utilization of ICT is 44.6%, which is very low compared to the average of all industries. Retailers who do not have individual warehouses tend to entrust their products to warehouses to store inventories. These local warehouses tend to provide only minimal basic inventory management and delivery systems.Therefore, it is difficult for general retailers to secure consumer credibility of products as compared with large companies.
Without a platform to connect every Participant within complex supply chains processes, there is a limit to the information that consumer’s receive. A vicious cycle results, where the asymmetrical nature of information intensifies as consumer trust in retail products decreases.
However, TEMCO ICO is envisioned as a public supply chain blockchain system that aims to utilize Smart Contracts to overcome the limitations of existing supply chain management systems. In the existing system, the information of each distribution participant within the supply chain process may be segregated and cut off from the each other, but TEMCO aims to make it possible to connect each participant through a blockchain so that the pre-delivery stages can be grasped in real time. The potential is to build consumer trust regarding the supply chain process, and also to create a cost-cutting effect through more efficient supply chain management.
=>For more detailed information about the project, I recommend to visit the links below:
ICO NAME: TEMCO
ANN Bitcointalk Thread: https://bitcointalk.org/index.php?topic=5027072.0
Author Bitcointalk ID: oscarclows
ETH ID: 0x74fC3dD1Ce23826800e7675e039fAb8F1cC37390