ARXUM’s Supply Chain Solution on EOSIO
At a time when some blockchain-based pilot programs for major logistics and manufacturing organizations are just getting off the ground, the product suite from ARXUM is immediately addressing the evolving and complex supply chain and digital transformation needs of industries. ARXUM is a Finlab portfolio company and part of the EOS VC program committed to investing in promising technologies.
ARXUM Co-Founder Markus Jostock started the company in 2017 with a vision of creating applicable solutions to optimize industrial production and supply chain processes. Today, ARXUM provides tokenization, transfer, tracking, and tracing services for customers, powered by a private EOSIO blockchain platform.
ARXUM’s Need for Performance
The decision to go with EOSIO came down to accommodating the demands of ARXUM customers across recycling, pharmaceutical, food and beverage, chemical, and automotive industries. ARXUM provides end-to-end digitization for companies across industries that require performance, business continuity and scalability of solution.
“It boils down to performance, which is why EOSIO is our technology of choice,” says Markus. “EOSIO is really efficient and for some of our customers this is a necessity. In addition, throughput and versatile smart contracts are something essential for our customers. EOSIO delivers these.”
ARXUM’s permissioned EOSIO infrastructure provides a bridge to blockchain solutions that accommodates the relatively conservative approach by which many consortia conduct business.
Transforming the Product Journey
The EOSIO blockchain powers four ARXUM product offerings that are digitally transforming business: tokenization, transfer, tracking, and tracing.
ARXUM tokenizes physical products and information in industrial settings, so anything can be tracked on an EOSIO blockchain alongside any extensive records related to logistics or product journey. Doing so enables better practices while preserving the interests of multiple network participants.
“By tokenizing, you’re sharing information that you have complete control of without disclosing anything that is not of concern to the one receiving this information.”
Data sharing has long been a pain point for large groups of companies that need to communicate outside trusted networks but must safeguard sensitive information. A lack of standardization in processes across organizations often further complicates data sharing issues.
ARXUM provides a transfer layer with a permissioned EOSIO blockchain integration that plugs into a company’s existing technology stack.
ARXUM preconfigures a consortium’s desired set of access permissions into a smart contract associated with a shared data silo. Each consortium member is linked to a blockchain-based identity and any time a member queries or modifies the database they must sign a transaction, preserving participant transparency. The contract determines each member’s access permissions and responds accordingly to any data requests, mitigating the possibility of breaches by only sending data where permitted.
“We use the EOSIO blockchain to facilitate this exchange of data,” says Markus. ”And you, as owner of a data silo, set the rules. So if you’re a large supplier, one of your customers has access to data related to a certain set of serial numbers of products that were actually delivered to them. But they do not have access to serial numbers of products you delivered to a competitor.”
ARXUM’s tamper-proof EOSIO blockchain ledger offers customers more granular data tracking. ARXUM creates and tracks important events across production and logistics cycles by capturing numerous data points with IoT sensors that communicate with the system smart contract to send information to the blockchain’s immutable log.
Companies can use the log to gain crucial insights on operations, identify and isolate failures, improve overall efficiency, and offer up holistic records to better comply with regulatory audits. This knowledge also helps ARXUM customers take preventative measures against potential losses.
Enhanced traceability comes hand-in-hand with ARXUM’s tracking system, allowing customers to make more cost-efficient decisions when issues occur. ARXUM’s system can determine in real-time, for instance, the exact stage of a vehicle in a 200 station production line, or when a shipping container in a global transportation network was last opened.
Better traceability improves efficiency by helping companies pinpoint faults in the manufacturing process or supply chain. With that information, companies can fine-tune once blanket recalls to solely encompass faulty or contaminated products. This helps ARXUM customers mitigate any damage to reputation, and reassure the public through transparency via a blockchain-backed event ledger.