Throughout November and December, store shelves and restaurant kitchens were without romaine lettuce, a simple ingredient found in dozens of dishes. The barren shelves were the result of an E. coli outbreak that sickened 32 people and sent 11 to the hospital throughout the United States. Although the outbreak was relatively modest, originating from a small section of California’s expansive crop production, the supply chain wasn’t transparent or complete enough to allow analysts to quickly identify the outbreak’s origins and to stop it at the source.
The result was a massive recall that impacted lettuce from the contaminated farms in California as well as crops from other regions around the world.
This most recent outbreak and the subsequent product recall are just the latest in a long list of supply chain mishaps that impact every sector in a variety of ways. For the food industry, product recalls negatively affect its bottom line, costing companies tens of millions of dollars each year. Meanwhile, other industries, especially those that rely on quality or authentic components are susceptible to fraud from a lack of transparency and reliability in the supply chain.
Indeed, modernizing the supply chain to alleviate these problems is a critical next step for all businesses, regardless of industry. As the Harvard Business Review concluded in June 2018, “To make the best decisions, managers need access to real-time data about their supply chain, but the limitations of legacy technologies can thwart the goal of end-to-end transparency.”
Now, Temco, a blockchain-based solution for supply chain management, is prepared to help companies improve their supply chains for the digital age. Temco is a global supply chain that applies smart contracts and the public blockchain infrastructure to create a more capable supply chain for all stakeholders.
Increasing Capabilities Without Ballooning Costs
Especially for small and medium-size businesses, Temco brings a level of supply chain infrastructure that can rapidly transition them from antiquated systems that are neither precise nor particularly accurate into one that is dynamic and transparent, impacting every part of their process.
Of course, this isn’t just a boon for businesses. Consumers are uniquely impacted by a company’s supply chain management, and they want a more transparent and interactive experience. Temco’s platform allows companies to more accurately and continually communicate with their customers about the progress of their orders. Moreover, it equips consumers to make buying decisions based on products that have passed through reliable supply chain management standards.
Temco is powered by RSK, an open-source smart contract platform for Bitcoin. In placing their technology on the RSK ecosystem, Temco is directly connected to Bitcoin, the most popular and most valuable blockchain and digital currency, while also creating a platform equipped for rapid data transfers, instant payments, and functional scalability.
Other blockchain-based supply chain platforms like Waltonchain are striving for similar functionality, but they are building their own blockchain, which means they lack the Bitcoin benefit.
The TEMCO Token
Temco’s supply chain management solution is powered by the TEMCO token, a digital currency that pays for everything from Temco marketplace transactions to smart contract fees. This flexible cryptocurrency is available on various crypto exchanges for broad use, and it represents a modern solution to more efficient supply chain management.
At the same time, Temco encourages platform participation through Temco Points, an algorithmically calculated reward for contributing to and participating in the Temco ecosystem.
In this way, Temco is encouraging active participation in the development of supply chains that are capable of meeting the demands of our modern digital moment. In doing so, small and medium-sized businesses can enjoy the same supply chain capabilities as much larger companies, and both businesses leaders and consumers stand to benefit.
The latest romaine lettuce recall is another reminder that our modern supply chain is shockingly ill prepared to account for the real-time specificity required today. Temco is striving to make this a problem of the past by combining the latest advances in blockchain technology and smart contracts with Bitcoin, the most notable blockchain and cryptocurrency in the world. It just might be the difference that prevents the next outbreak or supply chain disaster.