Irvine, CA, June 26, 2020 — Specright, the pioneer in Specification Management software, today announced the introduction of its new Blockchain Network — the first application of its kind to effectively pass critical DNA-level supply chain data back and forth between brands and their suppliers.
“This is going to transform how brands, suppliers and retailers collaborate and engage with one another,” said Matthew Wright, Specright’s Founder & CEO. “Our new Blockchain Network will enhance the level of supply chain traceability and accountability beyond all previous and current capabilities in order to benefit all stakeholders.”
Specright’s Blockchain Network is launching in beta and is currently being tested by customers. With blockchain-enabled specifications, changes to specifications or new specifications go through a robust approval process. Once all parties approve the specification, the specification goes live and parties get a local copy of the specification.
“Specifications change constantly due to a variety of reasons. Regulatory compliance, sustainability efforts and marketing initiatives are just a few of the drivers on that list. Ultimately, the entire supply chain is impacted,” said Jason Higbee, General Manager at Cal-Organic Farms, a division of Grimmway Farms, a global produce leader and the world’s largest producer of carrots. “Specright’s Blockchain Network has the potential to improve visibility, organization, and change management of critical specification data across the supply chain while increasing efficiency and control.”
Blockchain has long been viewed as an emerging technology in the supply chain space, but the commercialization of the technology has lagged behind according to Specright CTO Ayman Shoukry. “For years, companies have been trying to deploy blockchain technology to mixed results,” Shourky said. “At Specright, we built our customer and supplier network first, closely studied the scenarios that required the sharing and approvals of specifications, and then incorporated blockchain into our platform. This allowed us to deploy blockchain in a way that’s ready to use and accessible to our customers.”
The Specright Network was recently highlighted in a Salesforce Developer conference for being an innovative use of blockchain technology.
ABOUT SPECRIGHT - Specright is the first purpose-built platform for Specification Data Management™. Whether it’s packaging, raw materials, formulas, products, or machines, Specright helps companies digitize, map, and take action across their supply chain to reduce costs, increase profitability, and drive sustainability. For more information, visit: www.specright.com.