StaTwig - Resolving Supply Chain Inefficiencies with Advanced Blockchain Capabilities
The Block Chain Technology market which was estimated at USD 210.2 million in 2016 is forecasted to reach USD 2,312.5 million by 2021, growing at a CAGR of 61.5 percent. Originally designed to manage digital currency, Blockchain is now disrupting several industries such as Finance, Retail & Manufacturing, Healthcare and Government, and is well on its way to adoption as a means of tracking supply chain transactions. However, supply chains today are inherently complex and encounter critical challenges such as the lack of transparency due to inconsistent or unavailable data, high proportions of manual work, lack of interoperability, and limited information on the product’s lifecycle and history. Blockchain, on the other hand can bring distinct advantages to today’s conventional supply chain IT infrastructure and analytics capabilities, by creating a shared, secure record of information flow across networks for supply chain transactions. Leveraging these capabilities, Hyderabad headquartered Statwig endeavors to bring innovative solutions that deploy IoT and Blockchain technology, to identify and resolve inefficiencies in supply chains. Established in 2016, Statwig is an IoT and Blockchain SaaS start-up focused on bringing an intelligent IoT supply chain solution that can enhance the visibility of a product’s complete lifecycle. These solutions have been designed to provide real-time, tamper-proof, end-to-end tracking, to solve the problem of global wastage in vaccines and food, caused due to the inefficiencies in Supply Chains. “With nearly 50% of all the vaccines going to waste before they can reach patients, our company has been focused on addressing this issue of product wastage in supply chains,” reveals Sid Chakravarthy, Founder, Statwig.
“Through using Blockchain in combination with IoT technologies, our solution can track the complete life cycle of the product, from the manufacturer to the customer, and thereby identify the inadequacies in the supply chain,” he goes on to add.
The sheer scale and complexity of supply chains today creates numerous challenges in tracking the complete lifecycle of a product, resulting in billions of dollars being lost to inefficient cold-chain management. Moreover, this also increases the cost of the product for the end consumer, while reducing its safety and effectiveness. Addressing this challenge, Statwig equips organisations with a solution that provides complete real-time tracking and visibility of the life journey of a product, including geographical location, changes in temperature, as well as the transactions, contracts and payments associated with the product as it moves through the supply chain. The company also works with its clients to understand their specific role in the cold chain and provides them with a customizable, tamper-proof solution to meet their specific requirements.
Despite a recent entry into the market, Statwig has gained adequate expertise in this domain through bringing together Blockchain and IoT technologies for various use cases across different industries. The company, with its customer engagements spread across the globe, hopes to enhance its market reach across India as well as the US. Statwig also intends to deploy its solutions on a large scale and replicate this into different customer segments and industries, in the upcoming future.
The sheer scale and complexity of supply chains today creates numerous challenges in tracking the complete lifecycle of a product, resulting in billions of dollars being lost to inefficient cold-chain management. Moreover, this also increases the cost of the product for the end consumer, while reducing its safety and effectiveness. Addressing this challenge, Statwig equips organisations with a solution that provides complete real-time tracking and visibility of the life journey of a product, including geographical location, changes in temperature, as well as the transactions, contracts and payments associated with the product as it moves through the supply chain. The company also works with its clients to understand their specific role in the cold chain and provides them with a customizable, tamper-proof solution to meet their specific requirements.
Statwig endeavors to bring innovative solutions that deploy IoT and Blockchain technology, to identify and resolve inefficiencies in supply chains
Despite a recent entry into the market, Statwig has gained adequate expertise in this domain through bringing together Blockchain and IoT technologies for various use cases across different industries. The company, with its customer engagements spread across the globe, hopes to enhance its market reach across India as well as the US. Statwig also intends to deploy its solutions on a large scale and replicate this into different customer segments and industries, in the upcoming future.
