LTSD – Long Term Supplier Declaration
• Dashboard to manage & track the E2E LTSD process: LTSD can be requested or issued digitally
• Fraud prevention: Certificates are used to ensure that no contractor can impersonate another
• Improved audit: Because data are stored immutably on the blockchain, it can be furthermore determined at any time by whom and when the LTSD was issued
• Change tracking: Changes in the origin of goods can be continuously recorded and referenced to the respective LTSD ensuring the best possible utilization of preferential agreements
• Maximum utilization of free trade agreements
Long-Term Supplier Declarations (LTSD) certify relevant master data information between buyers/sellers for up to 24 months. These are necessary in order to prove a product’s or material’s origin to profit from lower duty tariffs through free trade agreements
83% of all European companies issue LTSD in paper format. Currently, the issuance of LTSDs generates high administrative and personnel costs. In addition, authorities demand proof of ‘original documents,’ which underlines the opportunity of the Blockchain technology to be a trust-creating ‘single source of truth.
With taXchain, partners will be able to generate and exchange LTSD documents within a few minutes quickly. The timely exchange of information and data combined with legally binding digital agreements for all business transactions will lead to greater efficiency and transparency in the processes, cost reductions, and competitive advantages for all involved ecosystem participants.
In the long-term view, the taXchain platform will enable frictionless cross-border sales and open savings opportunities for all multinational enterprises buying, selling, and producing tangible products across borders.