How Bonafi Will Enhance Asset Tracking for Large Companies

by Steve Kuh, Guest Contributor

One of the most significant challenges of being a global company is asset tracking. When you have many assets distributed internationally, it is difficult to keep track of inventory as well as with the supply chain vendor. From one perspective, it is an issue of supply chain management. Manage it well, and you won't have this problem. However, the biggest issue is that of counterfeiting and tracking assets among the many supply chain vendors due to different languages, cultures, and software systems that do not talk to one another. 
​

---

---

How Bonafi helps large companies with asset tracking.

When you do not know where your inventories are located, which items are coming in and going out, etc. it is hard to understand the overall picture of your inventory, let alone counterfeits entering the supply chain.

Counterfeit Items in Inventories – Big Trouble Approaching
When you have counterfeit items in your inventories and warehouses, you have big trouble coming your way. If you ship fake items to your customers, the cost of rectifying such issues can be overwhelming. There could be legal issues as well as additional costs associated with handling, replacement, and overhead.  Even if the counterfeit problem is resolved, it can be cumbersome since it is time-consuming, not to mention dealing with a dissatisfied customer. Thus, an excellent solution is to adopt a blockchain-based solution that works on a global scale to track your inventories and assets at any given moment. Enter Bonafi…

Bonafi for Asset Tracking for Large Companies
Bonafi plans to be an international solution provider for large companies to assist in tracking their assets.  The best thing about Bonafi's blockchain-based solution is that these companies will be able to track their items precisely whether items are sitting in warehouses or on the move. Such a solution empowers the company by giving it a supply chain management of the assets. It is nearly impossible for counterfeiters to insert their items into the inventory when such a complete solution is in place. Let's take a look at exactly how Bonafi helps large companies with asset tracking.

• All Assets Under One Roof

Bonafi plans to build its platform that would allow the company to track all of its assets.   Crypto-Tag is attached on each of the asset items. As the asset item is shipped across the supply chain, the shipping information is recorded on the blockchain. When the asset item is recorded on the supply chain, the Bonafi platform would be able to show the status of the asset in terms of location, group, and conditions.

Bonafi can also help large retailers manage the tracking of all of their assets using only one application. Furthermore, even manufacturers and producers of goods can track their assets using just one application. The crypto-tag helps identify every item as unique and tracks its movement throughout the supply chain.

• Real-time Tracking

In the fast-paced world of today, real-time tracking is crucial for the improved efficiency of businesses. Because blockchain is built on the internet, real-time asset tracking is possible. Once the Bonafi platform is in place, companies will be able to determine the location of their assets at any given moment. They will know when an item is in the warehouse, when it has reached a retailer, and when a customer has received it in his/her hands. It will also help companies identify that the correct order has reached its proper destination.  

• Prevention of Entry of the Counterfeit Items

Large retailers of the world face a huge challenge today. They have fake companies trying to sell counterfeit goods from their platforms. Retailers cannot instantly seize counterfeiters. They appear as legitimate companies but deceive customers when they sell low-quality and forged items from other brands. These items look nearly identical to the authentic items.

Retailers do not have a system to verify the authenticity of these counterfeit items. However, with Bonafi, these large companies will be able to recognize when a fake item comes into the inventory instantly. Because they won't be able to see the information of the item within the Bonafi system, this will be an indicator that the item is counterfeit.  

• Affordable and Quick Recalls

Recalls can be a massive issue for the original manufacturers of items. When there is a defect in a product, the company may now be able to recall it and notify the customers instantly. In the past, these companies would identify the model number and recall every item associated with that number. However, not every item of that model is defective, but the company ends up recalling all the items.
This is costly for the company and wastes a lot of time, especially for customers who have not received fake items. With Bonafi, companies will be able to identify the exact item that has a defect. They can recall only that item and save a large sum on massive recalls.

Conclusion
Bonafi plans to build an extremely valuable tool for large companies to track assets on blockchain. However, its usefulness goes far beyond asset tracking. It will also help companies to prevent counterfeit items from making their way into their inventories. As a result, they will be able to improve customer satisfaction, improve their brand image, and improve their bottom line.

Author bio:

Steve Kuh, CEO and Founder, is interested in providing solutions to combat counterfeit goods using blockchain technologies at Bonafi.  His specialty includes 20+ years of experience in systems engineering, marketing, and the creation of digital IT products. Steve is interested in blockchain technology because it presents opportunities to solve issues such as counterfeiting. With Bonafi, Steve is hoping to develop and market products utilizing blockchain-based decentralized public ledger technologies and change the world one person at a time. 

---