TEMCO is a project backed by Korea Investment Partners, that will not only revolutionize the supply chain management systems for businesses but also offer an online open market platform for sales of high-end luxury goods products and provide Business Intelligence tool (BI-tool) for companies to use in making strategical business decisions.
With multiple outbreaks of health hazards in food products such as the toxic insecticides found in eggs occuring in Europe, South Korea and other countries in 2017, consumers are faced with rising fears in relation to supply chain management. However, existing supply chain management systems appear to be failing to address such concerns because they do not seem to provide for monitoring of pre-delivery stages along the supply chain. Therefore, even if a problem arises, it is difficult to understand at which stage the problem occured,and how it manage the problem. There is a growing tendency for consumers to demand transparency in how a business deals with it's supply chain process. TEMCO is envisioned as a public supply chain system that aims to utilize Smart Contracts to overcome limitations of existing supplay chain management systems. In the existing system, the information of each distribution participant within the supply chain process may be segregated and cut off from each other, but TEMCO aims to make it possible to connect each participant through a blockchain so that the pre-delivery services can be grasped in real time. The potential is to build consumer trust regarding the supply chain process, and also to create a cost-cutting effect through more efficiently supply chain management.