With OLWay, any entrepreneur is able to securely trade their goods with a verified customer. A customer may trace the product origin and buy it in a safe way. Risk of fraud and paperwork mess are eliminated as all processes attached are carried out on an immutable, failure-free blockchain-based platform.
OLWay aims to help supply-chain network participants connect the solutions in use and ensure the data consistency across the ecosystem, making possible for a system of independent actors to share and trust a record of digital assets, transactions, and information. By enabling each party to see the same data, in near real time, it can help eliminate complex and costly data reconciliation between disconnected systems.
Since each transaction is recorded in sequence, it provides a permanent audit trail that can verify product identity, document authenticity or shipment status and trace it through the supply chain. Better and more reliable data will help optimize business decisions and reach higher standards for production, efficiency, and sustainability.
Each product implementation is a private, permissioned blockchain allowing governing entities to control who participates in the network, what rules are implemented and what level of privacy and data confidentiality is set.
Each entity in the network shares information that can be tracked, stored and actioned across the platform throughout a product journey.
Ecosystem participants can create and manage purchase orders, transportation orders, invoices and other types of business documents. Partners can use the Web UI or subscribe to the data feed and integrate the solution to their existing systems.
Parties involved in the order will be able to track the status of the product shipment. All steps and transactions are put into the blockchain ledger, making them completely transparent and increasing trust between the participants.
The solution will be integrated with IoT platforms to make shipping more transparent. It allows tracking shipments using data from IoT sensors and trackers and automate process execution steps and status changes.
Real time location tracking gives unique insights into logistics and warehousing processes and is the basis of transparent work processes that increase internal efficiency and productivity.