Introducing Specright’s Blockchain Network for Supply Chain
Create, share and edit specification data across your supply chain partners with the power of blockchain
Every Product Has a Story
It takes hundreds and thousands of data points and various suppliers and manufacturers to bring products to market. And it doesn’t stop there. Products go out into the world and start generating history – they change or have quality issues. All of this data is part of its story and digital identity – and the inability to keep track of this data and lack of transparency is bad for business.
That’s why we created Specright, the first purpose-built platform for Specification Management. Our goal was to make it easy for companies to digitize, map, and operationalize specification data across their supply chains.
Today, we take another step forward in this journey by introducing Specright’s Blockchain Network.
What is Blockchain?
Blockchain is an emerging technology based on the concept of a distributed ledger. The idea of a distributed ledger technology is that, instead of a centralized authority, power is distributed across participants of a blockchain network. While blockchain development initially focused on finance, supply chain industries such as consumer products, the food industry, and automotive supply chains can benefit from blockchain applications.
Why We Created the Specright Network
We don’t use the term blockchain lightly – for years, it’s been overhyped and under commercialized.
Our customers weren’t asking for blockchain, but they were asking for supply chain transparency and new and better ways to collaborate with one another. In fact, many were already doing business together on Specright.
We realized that by enabling blockchain as part of our Specification Management platform, we could take collaboration to the next level. The Specright Network is easy to use, so users can quickly publish, change and update specifications across companies and parties in the supply chain.
Benefits of Blockchain for Specification Management
Publish Specifications to the Specright Network
Now, when companies create specifications, they can also publish their specs for other companies to access on the Specright Network. This specification is then stored as an immutable record during review.
For example, a packaging supplier can publish and share a new specification to multiple customers on Specright. Once the specification goes through internal reviews, the user just needs to hit “publish” – it’s that easy.
Easily Accept New Specifications
To ensure all supply chain stakeholders are on the same page, new specifications or changed specifications need to be accepted by all parties. Each stakeholder is notified and can accept or comment to suggest a change. Accepting specifications is critical to creating traceability and accountability.
Access Specifications on the Specright Network
When a new specification is available on the Specright Network, companies connected to that specification are automatically alerted. They can then review the new specification and make any comments.
Control What Information You Share
When we say specifications are the critical DNA of supply chains, we understand that they include sensitive information. With the Specright Network, companies can choose what exact information to share and who precisely it is shared with.
Change and Update Specifications on the Specright Network
Many supply chain leaders are familiar with the concept of spec drift. Spec drift occurs when specifications change over time, unknowingly. It can occur for a variety of reasons: for example, a supplier makes a change to a raw material and the purchaser of the product is not notified.
With Specright Network, all changes and updates to a specification are published to the Specright Network. This ensures all parties are aware of specification changes and consciously accept them. This not only eliminates spec drift, but accelerates approvals and enables supplier collaboration. This transforms supply chain communications, making it easier for all parties to stay on the same page.
The Benefits of Blockchain for Supply Chain
Supply Chain Traceability
One of the key benefits of blockchain is increased supply chain transparency and traceability. As supply chains have become more complex and interconnected, the ability to pinpoint where something went wrong is critical. With the Specright Network, the history captured in blockchain enables supply chain leaders and teams to spend less time finding the root cause of a problem and more time on finding the resolution. Procurement leaders can further extend blockchain technology from specifications to smart contracts as well.
Supply Chain Auditing
Many industries, ranging from food and beverage to beauty, consumer goods and heavy industries, rely on auditing to remain compliant with regulatory bodies or to ensure quality. With Specright Network, audit exercises and real-life audits can be easily completed by pulling up the history records. For example, being able to audit a raw material and quickly see all parties who have touched it is critical.
Consumers are demanding more from products: for example, they need to be sustainable or organic. Consumers are also demanding supply chain transparency from brands on how those promises are being fulfilled. With Specright Network, brands can authenticate critical product elements and claims to back up promises made to other companies and consumers.
Creating a Digital Thread Through Your Supply Chain
Most companies have a digital supply chain initiative. With blockchain, they can create a digital thread through their supply chain and logistics using distributed ledger technology. Complex supply chains typically consist of multiple partners and vendors in the context of global trade. As a result, data is passed back and forth across these parties and the chain of custody can easily be lost without a supply chain management system in place. Blockchain provides the underlying technology for exchanging information and building trust across complex networks and the value chain.
Blockchain for Food & Bev
When it comes to complex supply chains like food & beverage, blockchain solutions can help create traceability. With Specright’s Blockchain Network, companies can store and track data related to food safety documents like Certificates of Analysis, Allergens, Food Safety across the food supply chain.
Blockchain for Beauty
Beauty and cosmetics companies have to manage formulas and ingredients, especially as they pertain to claims such as vegan or cruelty free. Using blockchain technology, they can create traceability and visibility to keep track of critical supply chain data and deliver on consumer promises.
Blockchain for Consumer Goods
Consumers are demanding more variety and transparency than ever. For consumer goods companies, blockchain solutions enable them to easily trace country of origin, materials, and see how products move through the supply chain.
Blockchain for Heavy Industries
Heavy industries rely on complex supply chains that typically span the globe. With Specright’s Blockchain Network, it’s easy to track products from raw material all the way to the finished product and ensure quality and compliance along the way.
Contact Us About Joining the Beta
The benefits of Specright’s Specification Management platform is that it creates the data structure needed to easily move to blockchain. Contact us to get started and to participate in the Specright Network beta.
Learn More About Specright's Blockchain Network
Frequently Asked Questions about Blockchain
Blockchain provides a way for companies to exchange information using distributed ledger technology. Using blockchain in supply chain can improve transparency and create traceability through the history tracking capabilities across companies and supply chain parties.
A supply chain is the functions and parties that are needed to bring a product to market. Supply chains consisting of people, products, and services. On the other hand, blockchain is technology that can be used to support supply chains.
Blockchain data is used in supply chain to manage critical information using distributed ledger technology. This could be managing raw materials, quality documents, or other specifications across suppliers, manufacturers, brands, and retailers. Using blockchain ensures all parties across the supply chain are accessing the same information, all part of the approval\notification cycle and that changes or updates can be traced back to the source.
Objects on the blockchain are immutable. Once on the chain, records can’t be changed or altered. By traversing the chain, that immutable history is what enables traceability. Each user accessing data on the supply chain generates history records when they publish, accept, or change a specification. This means that if an issue occurs, a user can go into the blockchain history and see what happened, when, and by whom.
The concept of a blockchain is that power is distributed across parties, working on a shared or distributed ledger. Instead of thinking about ownership, companies can think about roles such as publisher, editor and so forth. With the Specright Network, the publisher of the specification might be the sole owner or could define the ownership rules across the Specright Network, but all brands that use that specification own local copies as well.
Blockchain solutions have multiple applications in procurement. Procurement leaders can use blockchain to help enable supplier scorecards, smart contracts, and ensure they are creating bids with the most up-to-date specifications data.
Blockchain technologys improve efficiency because they allow all parties across a supply chain to instantly see a single source of truth for critical data, along with visibility into who is touching that data and how it’s changed over time. This streamlines communication, taking these changes out of emails and digitizing and automating these processes.