TEMCO’s Operating Cycle
Hello, This is TEMCO.
TEMCO conceptualized, not only the vendor verification system and a bases for storing and checking the data, but a review and evaluation system, Big Data analysis tool to analyse data, and a system for product purchase through TEMCO market enabled operation cycle. Through each process, connecting the manufacturer to the final consumer, creating, verifying, storing, and evaluating of supply information are all done in real time.
1. Vendor Verification System
TEMCO operates vendor verification systems for manufacturers, warehouses, and distributors. Through the vendor application, vendors are verified according to business registration, factory registration, ID, etc. depending on the company.
Only the verified suppliers can use supply solution service provided by TEMCO to communicate with the consumers. Consumers can check detailed and accurate information about the suppliers through the consumer application provide by TEMCO, and find out which transporting company delivered the purchased product.
2. Supply Chain Information Storage Process
Companies that are registered through the vendor verification system can store supply information through smart tagging. The manufacturer can transfer products to the warehouse and then request for approval of transfer.
As the warehouse company receives the product from the manufacturer, the QR code of the product, RFID of the product, etc… can be tagged with the smart-phone application. If the product requested is transported properly, it gets verified through the an application and gets accepted. This type of process is performed under the basis of the smart contract.
The warehouse will follow the procedure for preserving the product received based on the guideline provided from the manufacturer and such information is stored into the system regularly on specific time. Also, during the shipping process, the warehouse can transfer the the product, request for approval from the transportation company.
The transportation company, as receiving the product, follows the handling and care procedure on the guideline provided by the manufacturing company and their own, using smart tagging to confirm and verify the stored information of the product, such as temperature, humidity and more, and then accepts the product. This process as well is completed through smart contract basis, and any data relation to this process is stored into the blockchain.
Then the certified product is transported to the wholesale distributor, following the guidelines and procedure requested by the manufacturing company. The transportation company as well requests for approval, and if the wholesale company received the product in good condition, it will proceed to smart tagging, checking the data, and then confirms receiving of the product.
Smart tagging and data verification are completed through smart contract, as the managing companies of the product change, and the supply information is stored into the blockchain in real time.
3. Consumer’s Confirmation of Supply Chain Information
Consumers can check and review supply related information harvested through smart contract on the application at anywhere and at anytime. Not only the temperature, delivery route etc…, the consumer can check how the products are delivered, stored and maintained by which managing company starting from the manufacturer to the final consumer in detail.
Smart Contract is also prepared for possibility of forgery and change of product information from the record keeping company during the documentation process. TEMCO project contains a platform where it can track product distribution process even to the box level through blockchain, so during the smart contract process, it reduces the risk of moral hazard, such as suppliers entering different information about the products rather than the actual condition.
4. Consumer Reviews and Product Ranking System
A consumer can rate the manufacturer, after purchasing the product, through an application. Ratings can include satisfaction rate, review and more, TEMCO will reveal the rankings of the manufacturing companies based on consumer ratings throughout each specific time.
Although the rating system is great for consumers and the manufacturers, it cannot be the absolute standard for judging the manufacturers. However the through the review system, the consumers can receive more detailed information, manufacturers can improve their business through understanding the needs and requests of the consumer.
5. TEMCO Market
TEMCO is planning on making direct connection between the manufacturers, distributors, and consumers, through an online market.
The Information about the products and services of the manufacturers and distributors which has been verified through the vendor verification system and additionally verified by the TEMCO’s verification, can be registered into TEMCO market, and the consumers can purchase products from these verified manufacturers and distributors above in TEMCO market, using TEMCO token.
If the distribution structure is simplified through this kind of method, manufacturers and distributors can reduce the operational expense, consumers can purchase reliable products. Ratings of the manufacturers based on the review system, is connected to TEMCO market as well. TEMCO market will act as a “hub”, connecting everyone in the supply chain network.
So far we have discussed TEMCO’s operation cycle and its main characteristics. TEMCO will continue to think and innovate for the development of better supply/distribution ecosystem. We will bring more exciting story on the next page.
“TEMCO, Supply Chain Management Powered by Blockchain”
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