With multiple outbreaks of health hazards in food products such as the toxic insecticides found in eggs occurring in Europe, South Korea and other countries in 2017, consumers are faced with rising fears in relation to supply chain management.
However, existing supply chain management systems appear to be failing to address such concerns because they do not seem to provide for monitoring of pre-delivery stages along the supply chain. Therefore, even if a problem arises, it is difficult to understand at which stage the problem occurred, and to how manage the problem. There is a growing tendency for consumers to demand transparency in how a business deals with its supply chain process.
TEMCO is envisioned as a public supply chain blockchain system that aims to utilize Smart Contracts to overcome the limitations of existing supply chain management systems. In the existing system, the information of each distribution participant within the supply chain process may be segregated and cut off from the each other, but TEMCO aims to make it possible to connect each participant through a blockchain so that the pre-delivery stages can be grasped in real time. The potential is to build consumer trust regarding the supply chain process, and also to create a cost-cutting effect through more efficient supply chain management.