The Brieftrace story
Brieftrace is an emerging business that specializes in blockchain based hardware and software. With the goal of harmonizing knowledge across the supply chain to improve the quality of delivered products, reduce friction and accelerate business process.
We at Brieftrace believe that Blockchain and IoT technology shall play a crucial role in connecting the broken links in the supply chain. Using those technologies, we have created a smarter and cost effective environment. Enabling our customers and partners to conduct business in a secure and trusted ecosystem.
Brieftrace was founded in April 2016 with the intention of creating a tool capable of real time tracking for supply chain needs. We succeeded in this aspect, developing a real-time tracker with unique capabilities such as indoor location tracking. However, while introducing the product to customers it became evident to us that supply chain leaders are dealing with a strong disconnect in their information flow. We call it the goods, documents and money disconnect. This disconnect is about having a reliable and trusted information history. Specifically, in regards to your product’s composition, location, condition, and of course monetary obligations in relation to contractual terms. The disconnect becomes even more apparent as the number of vendors in the ecosystem grows. As a typical product’s supply chain includes raw materials, materials processing, manufacturing and logistics (sometimes having multiple vendors for a single product). While it could be the case for certain companies that goods, documents and money are well connected. We found most companies reporting a disconnect across their supply chain ecosystem. Proving the old adage – there are always weak links in the chain!
The impact of this disconnect is felt by businesses in their performance globally. Affecting their customer satisfaction, inventories, planning capabilities, compliance and access to financing.
After going through the latest literature and technology trends, we realized that we can help bridge this disconnect using blockchain and IoT. With IoT devices we can create a continuum of trusted information on the goods, and through blockchain we create trusted, secured and indisputable information that can be shared in a governed way across the supply chain ecosystem
While we have a clear vision to enable a connected ecosystem across the supply chain, we are starting this journey with very practical steps. First creating immediate value for our customers and then carefully taking them deeper into the world of blockchain.
We start the process by first connecting goods through the blockchain tracker. GEO, out blockchain tracking device, logs and sends temperature, humidity, location, shock, and light exposure data to all key members of the supply chain. Additionally, we have also created a blockchain network for businesses. The network uses a proprietary blockchain protocol that lowers transactions costs. Also enabling scaled data storage, data governance (controls who has access to which data) and supports contractual enforcement. Through this network, businesses can begin their journey in blockchain, and more importantly create a trusted supply chain environment.
The possibilities of how our patent pending technology can be utilized are vast and constantly growing. As the technology not only allows users to sign and send sensor data from a low power and low memory but can also be utilized to connect additional sensors to the supply chain. These capabilities will allow greater storage and governance capabilities of product data.
Furthermore, we believe that the use of this technology shall extend to be utilized for products where shipping conditions are crucial for product quality. For example, pharmaceutical products where temperature and humidity are vital. Also being beneficial for cosmetics, chemical and electronic boards.
This journey of the connected supply chain was a good starting point for us, but our goal is wider. As we believe that a connected ecosystem with trusted supply chain information and financial records can and shall be applied by financial parties to offer better deals for our customers. Examples include but are not limited to, being used for reducing insurance rates with better shipping tracking, improved invoice factoring and supply chain financing.
Today we operate with a clear mission – to connect the broken links in the supply chain using blockchain. Thus creating a more trusted, smarter, and cost effective environment for our customers and partners to conduct business within an ecosystem.