TEMCO is a supply chain platform using the RSK blockchain. The platform relies on blockchain technology to connect isolated supply chain systems and offer data services. Companies can make use of the business intelligence tool that provides business insights. Consumers can access a separate application that lets them track the supply chain data with real-time information as well as an online market platform that features the ability to pay with cryptocurrency.
The team behind TEMCO recognizes problems with the current supply chain system, specifically the way that information is disconnected. This disconnect means that consumers are unsure of product quality since they have no way of accessing full information. Without TEMCO, even companies with heavy investments in infrastructure cannot effectively use the data.
TEMCO & Rootstock
TEMCO chose to build its supply chain solution and deploy it using the Rootstock (RSK), Bitcoin Sidechain. This decision was partially based on the fact that RSK is helping revolutionize the Bitcoin ecosystem. It also developed the very first smart contract platform that was open-source and had a two-way peg to Bitcoin. TEMCO plans to make use of RSK’s high scalability, low transaction cost, and fast transaction speed.
Read: What is Rootstock?
The use of blockchain technology from RSK will let TEMCO offer real-time information to both consumers and companies. This can include ownership changes, order confirmation, transfer activities, production, distribution, and more, all of which is generated throughout the process.
How Does TEMCO Help Businesses?
TEMCO will provide businesses with a real-time intelligence tool that visualizes as well as categorizes supply chain data that the blockchain captures. The tool is optimized for a range of industries and lets companies make smart decisions about how to improve their business operations.
How Does TEMCO Help Consumers?
The consumer application from TEMCO connects companies and consumers to each other. Consumers can use the application to track the supply chain data for products for confidence in the product and then buy them with cryptocurrencies. This improves customer confidence in product quality and the ability to use a new payment system.
The data collected via the TEMCO platform has a massive size and is incredibly valuable because all the relevant information is interconnected. The data gets processed via the TEMCO big data service, where businesses can access them via the API or other methods.
TEMCO & IoT
The IoT is a crucial component of TEMCO as it is responsible for tracking the humidity and temperature of the products in the cold chain. This is done in real time. TEMCO can collect accurate data while reducing human errors by using RFID that includes an ultra-low-power semiconductor. All of the IoT devices collect information, which is then transmitted and stored on the blockchain. This goes from the creation of the contract to the product sales to the product delivery, then the order confirmation, and finally, the transfer of ownership.
TEMCO’s platform has already been tested. Using the platform, the project connected the supply chain for Nenia from the manufacturer all the way to the final consumer via the blockchain. This served to test the platform and prove that businesses can modernize with new systems that allow for more effective data management. This also proved that the platform can improve consumer confidence for product quality.
TEMCO’s token economy includes both the TEMCO Token and the TEMCO Point. The TEMCO Token pays the execution fee for smart contracts, the service fee for the BI tool, the commission for the market platform transaction, and various other transactions on TEMCO. Essentially, the TEMCO Token facilitates transactions. It also links to outside exchanges to allow for broader uses. Those who stake TEMCO tokens can participate in reward programs as well.
The TEMCO Point acts as a reward and an incentive for contributions to the platform. It is rewarded for participation by users to promote continuous contributions. The TEMCO Point reward calculation depends on the platform algorithm, as is the level. Vendors who upload their supply chain and product data onto the blockchain will receive TEMCO Points or revenue growth. Consumers receive TEMCO Points when they contribute to the community via actions like scanning a QR code with supply chain and product information, reporting counterfeit goods, or completing product purchase reviews.
The staking model for TEMCO is designed to promote a healthy ecosystem. Staking TEMCO tokens will get additional benefits compared to those who do not stake. Those with staked tokens are further able to participate in every aspect of the contribution model, gaining additional rewards.
There is a total of 6 billion TEMCO tokens. Of these, 50 percent were allocated for the token sale, 10 percent for the bonus, 20 percent for the company and team, 15 percent for the advisors and partners, and 5 percent for operation.
In May 2018, TEMCO launched its website and released its whitepaper. In June, the company released its prototype and developed its advisory board. August saw the beginning of the private sale with the white-listing process starting in October. The public sale began in November. In December 2018, TEMCO developed the decentralized supply chain network based on RSK.
In Q1 2019, TEMCO will develop the consumer application, ERP, and BI tool as well as develop a business model to use in the industry of luxury goods. Q2 will see the development of IoT for the TEMCO supply chain platform. In Q3, TEMCO will launch its beta BI tool, with the beta consumer application and TEMCO verified API service following in Q4.
Q1 2020 will include the launch of a beta luxury goods market on the platform, with the actual launch in Q2. Q2 2020 will also see the bet ERP and the launch of the BI tool. In Q3, TEMCO will launch the consumer application and ERP. TEMCO data service will launch in Q4, as will the point mall and partner’s mall.
TEMCO is a platform that is based on the RSK bitcoin sidechain technology and aims to change the supply chain industry. It will help companies with a business intelligence tool to make smart decisions for business operations while providing consumers with access to supply chain information for added confidence.