Welcome to ‘Startup Showcase’ where we profile global companies creating innovative solutions in technology and trade. Today the spotlight is on ⦃param⦄network, a leading global logistics and supply chain management company, specialising in providing end-to-end solutions to businesses across various sectors with a focus on retail and e-commerce, manufacturing and industrial, automotive, warehousing, healthcare, fashion, energy and more.
⦃param⦄network has a goal to simplify the complexities of logistics and supply chain management for their clients, enabling them to focus on their core business⦃param⦄ is built on a proprietary commerce blockchain that enables companies to have a supply chain protocol for enterprise interconnect, data exchange and trust. Their low-code solution provides seamless and cost-effective solutions to optimise efficiency, reduce risks, and enhance the overall value of clients’ supply chains.
⦃param⦄ offers a one-of-its-kind low-code tool for creating multi-enterprise apps and workflows rapidly to improve communication between distributed ERP and supply chains so they can freely exchange information to fulfil their day to day operations. Their solutions address need gaps posed by existing EDI solutions that fail to address the fragmentary and heterogeneous nature of supply chain ecosystems and different IT capabilities, leading to low resiliency.
With growing globalisation and outsourcing, ⦃param⦄ helps address the need to manage supply chain complexities with granular control and improved visibility for jointly optimising outcomes. That, in turn, provides an ability to rapidly and efficiently track and trace any kind of information.
⦃param⦄ network is a truly decentralised open business network for any kind of enterprises to interconnect and accelerate digital transformation, realise value from collaboration and build trust through blockchain.
⦃param⦄ is able to overcome traditional challenges and provide innovative solutions to its clients. Here are some examples of how blockchain is used:
1. Transparent and Immutable Supply Chain:
⦃param⦄ utilises blockchain technology to create a transparent and immutable supply chain infrastructure. Each step in the supply chain, from procurement to delivery, can be recorded on the blockchain, ensuring that all stakeholders have access to real-time, tamper-proof information. This transparency helps prevent fraud, counterfeit goods, and unauthorised alterations, providing greater visibility into the movement of goods and ensuring the authenticity and integrity of the supply chain.
2. Smart Contracts for Automated Processes:
⦃param⦄ employs smart contracts, which are self-executing contracts with predefined rules and conditions encoded on the blockchain. Smart contracts enable automation of various processes, such as payment settlements, customs clearance, and documentation verification. By removing intermediaries and manual interventions, smart contracts streamline operations, reduce costs, and minimise the potential for errors or disputes.
3. Traceability and Provenance:
⦃param⦄ leverages blockchain technology to enable end-to-end traceability and provenance of goods. By recording important information such as the origin, manufacturing details, quality certifications, and transportation history on the blockchain, the company ensures that clients and consumers can easily track the journey of products throughout the supply chain. This level of traceability enhances transparency, reduces the risk of counterfeit products, and enables better quality control.
4. Enhanced Security and Data Privacy:
Blockchain technology provides enhanced security and data privacy features to protect sensitive information in the logistics and supply chain domain. By utilising cryptographic techniques and decentralised storage, ⦃param⦄ ensures that data remains secure, tamper-proof, and accessible only to authorised parties. This helps prevent unauthorised access, data breaches, and tampering, instilling trust and confidence in the integrity of the supply chain processes.
5. Supply Chain Financing and Tokenization:
⦃param⦄ explores the potential of blockchain-based supply chain financing and tokenization. By digitising assets, such as invoices or inventory, and representing them as tokens on the blockchain, the company enables more efficient and secure financing options for businesses. This can help streamline cash flow, reduce transaction costs, and provide access to liquidity, benefiting both suppliers and buyers in the supply chain ecosystem.
⦃param⦄ network continues to explore and harness the potential of blockchain-driven decentralised technologies to improve its products and solutions, offering greater efficiency, transparency, and trust in logistics and supply chain management for clients as diverse as ITC, SAP, Aditya Birla Group, Bosch, Mahindra and Oracle.
Website: https://param.network
LinkedIn: https://www.linkedin.com/company/param-network/about
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