London, England -- (SBWIRE) -- 05/10/2019 -- In production and commercial industries, the flow of goods and services from acquisition of raw materials to the supply of finished products is a multi-phased process. These processes have undergone remarkable developments over time, with the advent of recent technological inventions, providing a better production and supply mechanism. However, the limitation with such technological advancements is the inability to manage issues like purchasing scroll time and costs. According to Finance Online, the cost of supply is increasing every year by an average of 5%. Purchasing cost keeps going up while the value of goods has been on decline. The resulting rise in purchasing expenses as well as the endemic challenge of lengthy scroll time before proceeding to a purchase order is a clear indication of the inefficiency of intermediary agencies. This article is, therefore, focused on possible solutions as proffered by the Genesis Supply Chain Platform (GSC platform).
GSC Platform Explained
The GSC Platform is a digital platform powered by a supply management software, designed to utilize the blockchain technology in handling autonomous businesses. The GSC platform intends to resolve the underlying challenges plaguing the supply chain industry. Some of these challenges are, therefore, the issues that accompany the existing centralized supply chain system. The GSC platform aims to resolve this by establishing a decentralised database with a high level of security, providing a tamper proof business history where transaction records are immutable. The platform also proposes to eradicate manual and repetitive tasks with the introduction of smart contract automation system that would guarantee users' autonomy as well as cutting down purchasing scroll time and reducing purchasing management cost by about 75%.
How Does The GSC Platform Work?
The GSC platform makes use of blockchain smart contract features which enable the automation of contractual dealings and ensures a fair and secure transaction between trading parties. To achieve this, smart purchasing tools are integrated into the platform which serves to assist users with a more convenient purchasing process. Now here's how it works: users are provided with analysis tools through the DSC ERP 3.0 software. These tools are designed to maintain a transparent and autonomous transaction among users, creating a perfect trust between them. One of the important tools in the platform is the smart contract tool which handles smart purchases and purchase orders through the blockchain technology. The smart purchases are, therefore, powered by the platform's digital currency (GSCP token). More so, with the parts traceability system embedded in the platform, users can trace any goods from production to final destination.
Why the Blockchain?
In recent times, we have been witnesses to the tremendous breakthrough brought by the blockchain technology. This shows that indeed, the revolution of the Internet age is already upon us and is most definitely here to stay. We have seen varying degrees of innovations on the blockchain technology which have cut across all levels and spheres of industries. The blockchain has been largely instrumental and useful in implementing a large number of ideas and innovations. In the case of the GSC platform, the blockchain technology would, no doubt, facilitate a shorter purchasing scroll time with the automated method of operation and also fix the issues of centralization by third party agencies in the supply system, helping to decentralize all forms of monopolistic tendencies earlier prominent within the system. This is a very welcomed development as it will result to a reduced purchasing cost and a more transparent transaction.
Tokenomics of the GSC Platform
The GSC platform is powered by GSCP tokens which serve as a digital currency across the platform. The GSCP token also serves as a gateway to users as it grants access to holders of the token into full utilization of the GSC ERP 3.0 smart contract features. To maintain user loyalty, the GSC platform proposes to use 45% of the total token supply to expand the GSC community. 8% would go to bounty as reward for quality and creative contents that would promote the GSC community. 15% would go to the team while 2% would be shared among the advisory body. The remaining 30% of the tokens would be sold and the funds would be invested into IT/development, marketing, legal matters, reserving 5% of the raised funds for contingencies.
What Makes the GSC Platform Unique?
The GSC platform is highly equipped with special features and tools for an amazing user experience. These features include the smart purchase mechanism which enables users to input purchase orders into the blockchain as a smart contract; IT tools which serve as buyer assistance and Parts Traceability System for spare parts tracking. Meanwhile, the GSC platform offers a blockchain backed supply chain management software known as GSC ERP 3.0 which can improve the purchasing efficiency of any company, irrespective of their operation mechanism.
Now let's take a look at some of the problems GSC Platform would resolve!
The GSC Platform proposes a system whereby middlemen are cut off the chain. It has been established that unnecessary middlemen within the chain have only amounted to increase in product costs as well as some unnecessary recurrent expenditures. GSC platform aims at resolving the above challenges through the GSC ERP 3.0 supply management software which would automate purchasing process and cut down purchasing scroll time and costs.
The smart contract feature being integrated by the GSC Platform eliminates the need of intermediaries and human manipulation. Therefore, instead of having to go through the tedious routines of handling purchases manually and mechanically, the process is handled automatically through the smart contract.
The current supply chain industry is indeed in a laughable situation and deserves the digital attention GSC offers. The GSC platform could, therefore, be the engine to a broader business network for suppliers and buyers. The CEO of the GSC platform being a blockchain veteran who has also been a purchaser in the aviation industry for almost a decade would, most certainly, invest his wealth of knowledge on the project to ensure that all the challenges he must have encountered over the years during his purchases are resolved.
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