03 Dec TrackX and Topl Announce Strategic Partnership Combining Blockchain with Asset Management to Empower Supply Chain Transparency
Global IoT-enabled asset management company partners with ESG technology startup to deliver supply chain transparency
Integrated solution will combine Topl’s purpose-built blockchain technology with TrackX’s enterprise asset management and supply chain capabilities
Allows users to visualize their supply chain data, monitor suppliers, and easily report the progress of environmental, social, and governance (ESG) initiatives
HOUSTON–(BUSINESS WIRE)–#IoT–TrackX (TSX.V:TKX | OTC:TKXHF | FSE:3TH), a SaaS-based enterprise asset management and supply chain solution provider, and Topl, a blockchain-based ESG technology company, are teaming up to provide a verifiable tracking and tracing solution to meet the growing demand for greater supply chain sustainability, transparency, and efficiency.
With 68% of U.S. consumers stating that a company’s social reputation will influence their buying decisions and 41% of U.S. consumers having a preference for products from companies that are associated with their ideals, consumer demand and industry pressure are pushing many businesses to increase and prove their sustainability and positive impact. COVID-19 concerns have exacerbated these problems driving the need for improved supply chain validation.
Meeting the three core customer needs of supply chain sustainability, transparency, and efficiency requires companies to be highly collaborative and transparent across the entire supply chain ecosystem. Despite advances in automation and data collection, obstacles remain. Supply chain partners are reticent to share their internal data, which erodes trust and prevents transparency. Often a unified and real-time view across the entire supply chain does not exist, making it difficult to find opportunities for improvement and to verify product sourcing and sustainability claims.
TrackX and Topl are coming together to solve these challenges. The integrated solution will combine Topl’s purpose-built blockchain technology with TrackX’s core enterprise asset management and supply chain optimization capabilities. Partners will be able to confidently and securely share verified event data to lower costs and increase transparency. Companies can now provide their customers and consumers with verifiable proof of origin and sustainability as well as Corporate Social Responsibility (CSR) claims. Unlike other supply chain optimization platforms, the TrackX and Topl platform is the only one to reliably collect, track, report, and verify supply chain events in a single end-to-end solution.
Topl CEO, Kim Raath, said “the FDA recently announced requirements for full traceability in several agri-food products. This new rule will force many agri-food brands to take a deep look across their supply chains and find a way to track and trace their products. Topl and TrackX’s solution will be a great option for these companies having to comply with new regulations and compliance mandates. Further, our joint solution allows users to visualize their supply chain data, monitor suppliers, and easily report the progress of ESG initiatives to all stakeholders.”
The demand for sustainability within supply chains is only growing. In this year alone, more than 40% of U.S. respondents say they are now evaluating their supply chain to improve resistance to future disruption.
“Our clients have a unique opportunity to turn supply chain optimization into a competitive advantage,” said Tim Harvie, TrackX CEO. “TrackX already automates supply chain execution and analytics for many leading brands and retailers. Tight integration with Topl’s blockchain will now provide the ‘proof’ to all supply chain stakeholders that certain events have occurred. In partnership with Topl, our enterprise customers will have the tracing, tracking, visibility and accountability they need to meet their digital supply chain and ESG initiatives.”
TrackX, Inc. (TSX.V: TKX), is a Denver-based supply chain solutions company leveraging multiple auto-ID and sensor technologies and an event driven software platform to provide transparency and velocity to the world’s most complex supply chains. TrackX’s Global Asset Management for Enterprises (GAME) platform enables the Industrial Internet of Things (IIoT) by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies in industries such as transportation, beverage, brewery, hi-tech, hospitality, mining, horticulture, manufacturing, and government. www.trackx.com
Topl, Inc., is a Houston-based venture-backed ESG technology company developing a purpose-built blockchain ecosystem to prove a company’s ethical and sustainable business practices. Founded in 2017, Topl empowers companies to drastically cut operational and certification costs, through the use of their purpose-built blockchain technology. The company will launch its Blockchain-as-a-Service (BaaS) solution in early 2021, allowing its customers and technology partners “two clicks” to gain off-the-shelf access to the Topl Blockchain. Topl employs a diverse team, and centers ESG as one of their core values, utilizing the UN’s 17 Sustainable Development Goals (SDGs) as a guidepost. www.topl.co
Media ContactTrebleEthan Parker