Being able to solve multiple problems using a single system and from one particular location presents numerous advantages, no matter the area of application. Many smartphone users today can handle job tasks, social obligations, financial responsibilities and several other duties from that single hand-held device.
Multi-functional utilities like the smartphone mentioned above are making life easier and providing improved efficiency for users in the areas where they are applied. This model of multi-functionality extends to various areas of human existence, and the arrival of emerging technologies tend to amplify this development.
In the blockchain industry, so many changes are currently taking place, causing a redefinition of how tasks are executed. A typical example of a multi-functional system is the implementation of blockchain technology in supply chain management. What Volum has created in this area explains how multi-functional utility tokens are changing the game entirely in the blockchain industry.
What is The Aim of Volum?
The primary aim of Volum is to create a system that will conveniently and effectively manage the complex supply chain operations of multiple companies, spanning multiple industries. The VLM utility tokens of this blockchain platform help to streamline the supply chain management process as well as make them transparent and immutable.
The versatility of blockchain tokens is another advantage that VLM is importing into the platform’s ecosystem. With the use of smart contracts that can immediately enable an agreement, supply chain processes are able to conduct without the need for back-and-forth human interference.
Volum’s aim is to provide a platform that allows companies to have greater organizational control, clearer oversight of their operations, and be able to scale from local to global markets more effectively.
How Does Volum Benefit Onboarded Companies?
The platform is built on Ethereum blockchain, allowing for the use of smart contracts, which effectively cuts tedious hours spent following up on the various stages of the supply chain. Through the use of the multi-functional VLM token, the onboarded businesses can track, route, identify and source all activity on their supply chains. This spans several industries and infrastructures including manufacturers, farmers, government, wholesalers, and even the end customer. This information is then locked into the platform, making it trusted, transparent (to those with authorisation) and immutable.
Here are some of the operations that the VLM token is capable of conducting, through any stage of the supply chain:
- Purchase Orders
- Legal Contracts
- Regulatory Compliance
- Shipment Management
- Letters of Origin
- Customs Documents
- Inputs/Outputs and Inventory Ordering
- Delivery/Parcel Tracking
- IoT Monitoring and Reporting
- Big Data Analytics
- Inputs and End-Product Tracking/Traceability
Utility tokens are not only beneficial to the originating companies. They also serve as a quick source of information for businesses. This saves them from the rigorous process of investigation and follow ups.
Multifunctional utility tokens are indeed changing the game entirely. They make it easy to manage small to very large supply chains from a single point. Volum’s VLM token is making supply chain management more friendly and easy to manage, and at the same time enabling companies to scale to international capacities.