TrackX, a SaaS-based enterprise asset management and supply chain solution provider, and Topl, a blockchain-based ESG technology company, are teaming up to provide a verifiable tracking and tracing solution to meet the growing demand for greater supply chain sustainability, transparency, and efficiency.
With 68% of U.S. consumers stating that a company’s social reputation will influence their buying decisions and 41% of U.S. consumers having a preference for products from companies that are associated with their ideals, consumer demand and industry pressure are pushing many businesses to increase and prove their sustainability and positive impact. COVID-19 concerns have exacerbated these problems driving the need for improved supply chain validation.
According to the companies, meeting the three core customer needs of supply chain sustainability, transparency, and efficiency requires companies to be highly collaborative and transparent across the entire supply chain ecosystem.
Despite advances in automation and data collection, obstacles remain. Supply chain partners are reticent to share their internal data, which erodes trust and prevents transparency. And frequently, a unified and real-time view across the entire supply chain does not exist, making it difficult to find opportunities for improvement and to verify product sourcing and sustainability claims.
The new integrated solution will combine Topl’s blockchain technology with TrackX’s core enterprise asset management and supply chain optimization capabilities. Partners will be able to share verified event data to lower costs and increase transparency, and companies can now provide their customers and consumers with verifiable proof of origin and sustainability as well as Corporate Social Responsibility (CSR) claims.
According to Topl CEO, Kim Raath, the FDA recently announced requirements for full traceability in several agri-food products. This new rule will force many agri-food brands to find a way to track and trace their products. Topl and TrackX’s solution will be an option for these companies having to comply with new regulations and compliance mandates. In addition, the solution allows users to visualize their supply chain data, monitor suppliers, and easily report the progress of ESG initiatives to all stakeholders.
For more information, go to www.trackx.com and www.topl.co.