Using blockchain, we derived a way to simply virtualize the product to be built and create it as an asset on a blockchain-based platform. The virtualized product (asset) contains all the product specs, customer information, BOM and other information needed for the network of partners to put it together and send it to the end user customer.
Once the virtual asset is posted, chain code or smart contract code automates the updates to the asset and guides it through the sourcing, assembly and distribution processes until the product is delivered and payment is received. This virtual asset on the blockchain also continues to track the product through the full extent of its’ lifecycle. Every time changes of ownership occur, warranty claims, service or support requests, returns or other activity associated with that product, the virtual asset record is updated.