Web3 Supply Chain Platform Development | Web3 Based Supply Chain System

The third generation of the web has a strong emphasis on every industry with better security and data control features. Blockchain-based technologies in the world of the supply chain is not an exception. It is power packed with machine learning, artificial intelligence, and other useful applications. The unique combination of all these enables one to track products at different geographical locations and among multiple invoices and payments. Even if the product requires several months to reach the final destination, the web3 supply chain platform continues to function and track the product at the magnitude of channels.

Are you looking for the same solution for your business needs? Web3 supply chain app development could be a perfect solution for all your business requirements. A power-packed platform allows you to trace products at different manufacturing stages until it reaches the final destination. Build it Now!! with Suffescom Solutions Inc., a leading web3 development company crafting customized solutions for every business. Share your issue with us, and we provide 100% technical assistance from consultation to maintenance services,

Why Web 3.0 For Supply Chain Apps For Management?

Blockchain-Based Audit Trails

Shifting from traditional modes of audits, blockchain technology enables users to find real-time details of the purchase order, sale order, cargo tracking, cancellation, delivery status, and more. Users can enjoy complete transparency of the platform without fretting about information tempering or manipulation at any place.

Super Intelligent Tracking

Smart tracking system removes various manual checkpoints and improves the information flow to all users. Therefore, users can check data from the widespread use of smartphones and cloud apps. The platform provides a complete and accurate picture of information (cargo and ship status) with AI and ML-based smart tracking software.

Automation with Smart Contracts

Smart contracts are automated coded contracts that function with predefined commands only. Once the parties enter into a smart contract, it will be ready to provide information to all the users without harming issues.

Replacing Time Logs Bookkeeping

Blockchain technology replaced the traditional modes of completing transactions with the ability to stamp and keep books. All functions on the platform are performed with blockchain technology embedded with intelligent tracking features.

Security and Maintenance

Maintaining and managing physical papers are hard, especially when it may take months for cargo to reach destinations. But blockchain technology has provided end-to-end security for decades from the data breach. In other words, it’s a more reliable source to keep your data secure for years than you want!

Better Customer Relations

Every transaction recorded in the blockchain-based web3 ledger is visible to all the parties involved. It enables complete transparency and accountability to their customers. It also facilitates the tracking of commercial transactions and allows businesses to build long-term client connections. Companies whose end users are customers can disclose the information to them to build confidence and make business operations simple.

How Web3 Supply Chain Apps Are The Future Of Supply Chain?

The global economy is growing and putting lots of pressure on the increasing demand and supply of certain goods. But the goods in transact and reducing shelf stocks is becoming the biggest trouble for modern businesses, especially when they have no clue about product availability.

Web3 supply chain apps step into the shoes of businesses with the ability to handle everything flawlessly. Blockchain technology-backed platform enables monitoring and managing the platform effectively as well as identifying issues related to production and delivery services. They can schedule everything from production and contractless delivery.

Customers can also track the real-time supply of their products from various stages of production to distribution.

Enterprises can track and manage the supply of raw materials at various levels and eliminate the bottleneck needs and routes of inventory management.

How Does it Function?

The platform functions through smart contracts as all the conditions regarding buyers and sellers are encoded into the lines of codes. This makes it a self-executing contract that functions by logic. When a user gives the command to the platform, a number of logic starts functioning and completes transactions.

Web3 Supply Chain Application: Understand Prominent Features

Web3 technology integrated supply chain management platform involves distinctive attributes. Check out these;

Automated Record Keeping

All the transactions on the platforms are backed by blockchain technology and take place between participants linked with systems like ERPs, IoT data management bases, etc. The information is validated automatically and stored in web3 distributed ledgers.

Seamless Tracking

Web3-based supply chain apps ensure that participants can seamlessly track and monitor the end-to-end history of all the activities. These include placing orders, manufacturing workflow, payments, packages, and transportation status on a real-time basis.

Verified Supplier Data

As web3 applications are backed by trusted blockchain Solutions and are known to offer suppliers with identity management and verification features. The platform provides an immutable audit trail for all the suppliers on-chain.

Registered Supply Chain & Logistics Components

Blockchain technology enables separate record maintenance of all the batches of all the products. Users can find details in relation to documents and locations for the particular transaction and event. Also, the codes can be applied for seamless product tracking.

Security

Web3 supply chain platforms are known to achieve high-security features and data encryption. The multi-factor authenticity and permission-less chain enable access and control against fraud and algorithm detections.

Automation Using Smart Contract

All the information on the platform passes through automated smart contracts. As discussed above, it's a pre-decided agreement that involves parties involved into the contract when all the clauses and pre-set conditions are met. Involved participants can monitor all the goods and logistic matrix checks at pre-set regular intervals for regular and effective product delivery.

Digital Transaction Signing

All the transactions on the platform pass through a digital signature to enable a seamless experience. Once the participants approve the supply of the product, the platform automatically forwards with a digital signature to validate the transaction.

Audit Trail For Documents

Web3 supply chain system involves all the information with fundamental changes such as when the contract was made, date and amount of sale, purchase order received, when bill order loading, product certificates, what are manufacturing configurations, whether the quality is up to standards or not, etc. Users can also get information for viewing, sharing, formatting, and report generation formats.

Data Validation

Web3 supply chain and logistic transactions are validated by authorized supply chain participants with special rights reserved to operate the platform. Each piece of information is stored in blocks that are also validators to achieve transaction consensus and storage order.

How Do Web3 Supply Chain Apps Improve Compliance And Reporting?

Web3 supply chain management app helps each industry in its own way. For instance, pharmaceutical corporations seriously comply with reporting concerns. These need to create a bridge between overstocking of drugs and supply chain management.

Web3-based automation of regulations and reporting tools helps to prevent common mistakes and helps to reduce expenses. They can check real-time details of every piece of information and how you can enjoy a seamless experience. Best of all, each department or party involved in the process has the same piece of information to check and share.

What Is The Cost Of Building A Web3 Supply Chain App?

The average cost to build a web3 supply chain platform can range between $70000 to $200000 based on project and features complexities. The selection of blockchain technology and programming languages also affects platform costing.

Further, if you want to check out web3 supply chain platform costing based on various stages of development, here we have a bifurcated price based on our in-house team. These involve;

Basis of Costing	Cost Distribution
Consulting	8-10%
Designing	13-15%
Development	45-50%
Quality Assurance	25%
Deployment and 3rd party Cost	25%
Maintenance Cost	~30% to 35% cost of overall project

Above mentioned is an estimated cost division at various levels. Share your business requirements with our experts to know more accurately.

Tech Stacks Used To Develop Web3 Supply Chain Platform

The web3 tech stack is a combination of technologies and tools designed to build a decentralized platform.

Web3 supply chain app technology stack can be divided into the following layers :

• Layer 0 – Infrastructure
• Layer 1 – Protocols
• Layer 2 – Utilities
• Layer 3 – Services
• Layer 4 – Applications

Layer 0 – Infrastructure

The layer of designing blockchain architecture of the platform with top-notch securities the process defines;

• Mining as a service.
• Network distribution.
• Virtualization of the platform over desktop, server, OS, storage, or network.
• Computing defines how multiple computers can work together to solve a single problem.
• Nodes defining how internet traffic will be routed to its destination.
• How can we use tokens to access web3 platform features.
• Storage defines which technologies should be used to decentralized cloud storage.

Layer 1- Protocols

The layer includes the various consensus algorithms, participation requirements, protocols, and virtual machines.

• Developing Consensus algorithms that ensure nodes reach an agreement.
• Side chains allow tokens and other assets to move from one blockchain to another.
• Participation requirements refer to types of blockchain networks like Public/ Permissionless blockchain or Private/Permissioned blockchain.
• Virtual machines enable maintaining security and executing unreliable codes with Ethereum, Solana, Cardano, Kadena, Corda, Tezos, and more.

Layer 2 – Utilities

The stage involves 3 layers of web3 tech stacks

• Multi-signature to provide security for the transaction by providing a unique sign.
• Oracle feeds the data that can be used to support smart contracts.
• A wallet that enables faster and more secured buying, selling, and storing of digital assets.
• Digital assets include things like images, multimedia, and textual contracts.
• Smart contracts are based on an agreement between the parties that function on predefined regulations.
• Digital identity defines you or authorizes you.

Layer 3 – Services

The layer contains all the necessary tools to create and manage the dApps layer, such as;

• Data feeds mechanism to receive updated data information from reliable sources.
• Off-chain computing or a virtual memory system that adds privacy and provides the perfect backbone for developing a decentralized app.
• Governance infrastructure is designed to eliminate the need for human management.
• State channels ensure that transactions are authorized and authenticated on the platform.

Layer 4 – Applications

The application layer includes;

• The dApp browser includes Chrome, Mozilla, and Brave.
• Application hosting means we can download dApps through the dApp browser, and the hosting makes the app available via the cloud storage for running.
• Decentralized applications solutions connect people via a peer-to-peer server network on the blockchain network.

Build Web3 Supply Chain App With Suffescom Solutions

When it's about choosing a solution for your business, always go with the best. Same lies when you hire the best web3 supply chain app development company to build your solution. With 13+ years in the on-demand industry and 5.5 years in blockchain technology, we have designed and developed solutions for every niche. Our development services include;

• Web3 development services
• Crypto wallet development services
• Token development services
• Blockchain consultancy services
• Smart contract development services
• Web3 integration services
• DeFi development services

We provide;

• 24*7 customer support
• Platform maintenance services
• 500+ blockchain developers
• Multiple layer platform testing before delivering
• Craft prototype before implementation

Schedule a call with our experts, Now!!

• Web3 App Development
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