Enjoy high quality and reliable products received through Smart Contract!

In a world of desperately needing security for everything that we own, and since many things in the world are digitalized, we can’t allow ourselves to be vulnerable to cyber-attacks, security breech, and have our important files to be stolen by someone. Constantly experiencing technological advancements everyday, and vast majority of us need to understand how to use the “newest” technology in order to complete a task or to file a report at work, especially if someone works in IT and some technological sector or even an average Joe who just learned how to use a smart phone because his phone line is cut off.

So, let’s talk about using the newest technology and how we can use this technology to benefit our lives, in relation to signing agreements and security. One of the most significant and recent revolutionary technological advancements we know nowadays is blockchain and the smart contract. To simply put, blockchain focuses on entry of data that can’t not be edited by a third party, and smart contract is sort of an agreement between parties that only executes when certain conditions are met, such as “if-then” statements which is most often used in programming and computer science related field.

Accordingly, TEMCO, as one of the leading innovators and developing supply chain network based on blockchain technology, want to understand and utilize the smart contract to benefit everyday life and the society. Smart Contract, as I explained briefly earlier is applied to blockchain technology, they are used together to most significantly fortify the cyber security of digital data and information coming in and out. As of right now, the smart contract with blockchain is used mostly for cryptocurrencies, such as Ethereum, EOS, and Steemit. Companies like RSK, Steemit, and EOS have their own Smart Contract systems. Although EOS have their own blockchain, but such blockchain as Bitcoin does not, so RSK works as sidechain and does 2-way peg system to co-operate with bitcoin’s main blockchain. The Smart Contracts can be developed independently as well, without the main frame blockchain, but with conjunction with other main blockchain, in such cases as Bitcoin and RSK.

So, what is Smart Contract exactly? Or to put as simply for someone to understand? How does it work?

The Smart Contract in a bit more detail, is a digital or a crypto agreement that serves as a contract between two or more parties or in groups under certain conditions. The contracts are stored in blockchain so that it cannot be manipulated. As we all know, the blockchain is decentralized and distributed public or private ledger with the information contained or created within can not be manipulated. So, the Smart Contract system performs as a contract where which information or data can be received only when certain conditions are satisfied using if and then method. With this technology, TEMCO can create contracts for supply chain participants (ex. Manufacturer, Delivery Company, Retail and so forth).

Through this, the transition of the products or documentations between companies can only happen when the conditions of acceptance are met. This process serves as an important role for providing consumers and other participants of the supply chain network because it would provide the transparent and trustworthy information in real-time. One example for this would be when some crates of bottled water are delivered to the wholesaler such as Walmart, from a larger distributor or a manufacturer itself (i.e. Poland Spring). When the crates arrive at Walmart, the QR code on the crates are scanned one by one to determine where the bottles of water came from, such as original location where Poland Spring manufacturer is located, but if there is a crate that indicates different location than the original location of the Poland Spring, the block is not created because of the fact that the condition of “only the original location of Poland Spring is accepted” is not met. So only when the information from the scanned QR code indicates that the crate is from “Poland Spring” is accepted by Walmart, making sure that Walmart and the consumers receive the right product.

There are other convenient factors than just receiving products from one company to another. The automation of the technology can benefit the consumers and the participants of the supply chain by cutting out the paper work, the contract can be publicly distributed in the decentralized network of blockchain, and since there can not be any third party involvement, no extra fees are assessed.

With the utilization of Smart Contract and blockchain technology, the world can benefit by receiving quality product without any forgery or manipulation. Anyone can check the quality and be a happy customer! Enjoy the good things in life with the best quality, reducing the worries of what you wear, eat, and drink!

Thank you and we’ll be back with more exciting news!