Epazz has released the alpha version of an app that uses blockchain technology to monitor supply chains from raw materials to finished goods.

The Chicago-based company provides blockchain cryptocurrency mobile apps and cloud-based business software. The alpha version of its app aims to attract beta customers to its StreamPay service. StreamPay lets managers monitor their supply chain for risk fraud using blockchain smart contract technology to trace raw materials to finished goods.

Companies depend on global supply chains to deliver goods and services to their end customers. Many spend millions of dollars a year to so their supply chains can deliver increased profits to shareholders. They are thus looking for better ways to manage their logistics processes, transportation, inventory management and quality assurance.

Having a response-based business model is the practice of keeping low inventory to respond to changes in the marketplace. This model helps in shelving the latest products and services while reducing product returns and spoiled goods, employing the latest technology, and providing the freshest food products. The model reduces dwell time, which is the time finished goods are idle and provide no value.

To manage this responsive supply chain, companies must monitor their suppliers and share information internally and externally. The faster critical information is shared with the supply chain network, the faster problems can be prevented and resolved. Sometimes, the problem is as simple as making a payment. However, increased globalisation means increased use of local currencies. Some countries do not accept payment from some banks, while some banks restrict the forms of payment or delay funds for days or even weeks. The global supply chain requires a global payment method that is fully integrated into supply chain risk monitoring.

StreamPay is for enterprise supply chain risk monitoring and payment tracking using blockchain smart contracts to manage suppliers and finished goods. The technology keeps distributed ledgers to create articles to insert into smart contracts so supply chain manufacturers, suppliers, vendors, logistics companies and customers can track goods and services from the raw materials to the finished product using QR codes and digital signatures.

StreamPay gives companies the ability to monitor their supply chain to determine whether it faces any risks. It features a risk index that alerts users on their dashboards to any supply chain problems that could arise. And it manages quality assurance to ensure the finished goods meet the requirements the customers set.

It also allows inspectors to issue certifications to suppliers and partners.

Finally, StreamPay enables parties of a transaction to make policy decisions, and its smart contracts issue payments to suppliers when goods or services have been delivered, based on the terms of the smart contracts. The parties can pay in dollars, euros or cryptocurrencies, and the StreamPay wallet maintains the current local exchange rate. This provides users a worry-free payment experience, and users do not need to buy and sell cryptocurrencies to pay for small items.

“We started the project in 2019, and it is ready to start finding beta customers to prepare for general release,” said Shaun Passley, CEO of Epazz.

Epazz provides blockchain apps and customised cloud applications to the corporate world, higher-education institutions and the public sector.