Enspir(ation) Blog

Regular updates from the team

Can the Blockchain and Industry Standards Play Together?

The number of consumers demanding for genuine transparency is increasing. Almost everyone wants to know where the products they are about to purchase come from and how they got from there to the market. To raise the awareness of consumers, it takes more than just industry standards. That’s why scores of industries are open to the revolutionary technology used by Bitcoin – blockchain.

Certain standards require companies to distribute more information regarding their products and services in order to raise the awareness of their customers. However, these standards do not ensure a transparent and authentic chain of custody. This is where the blockchain technology comes in. A blockchain is an open, auditable and secure shared database that enables users to transfer digital property safely and verifiably across networks.

Industries are part of the world where digital preservation is imperative. They need to keep their long term digital information safe and accurate to engender trust from their consumers. The blurring line between public and private domains calls the need for a system or framework that will keep information authentic and trusted. Blockchain promotes decentralization of data, which means that no third party can control what is seen. This ensures industries that their data will go beyond weeks or even hundreds of years.

In conclusion, blockchain allows consumers to make informed purchases. They also empower governments to request reliable information easily and quickly. In a word, they will change the game for certifying, tracking and tracing where products come from. By playing together with industry standards, they become powerful tools that bring greater transparency to the most complex supply chains in the world.

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Blockchain: Disrupting the Supply Chain Industry

How could blockchain change the everyday experience of purchasing, cooking and serving dinner? Think about this. Every ingredient of your dinner has a history. Blockchain allows you to see where these ingredients come from, how they were produced, and who handles them. At the same time, it also allows the producers to track where their ingredients are and how they are incorporated into finished products.

Small contracts built into this revolutionary technology also create new options for buying goods, including automatic recurring orders and naming your own price. Blockchain is very profound. In fact, many have already thought about business ideas where they can use such system. In fact, Steve Wozniak of Apple has already joined a blockchain firm. He is also convinced of the disruption that technology is creating in the supply chain industry.

The blockchain could challenge our assumptions of what makes commerce secure and reliable. It could transform the world for the next decade. If you have not considered the technology to be relevant to your business, you will risk being caught flat-footed as those who failed to see the potential of the Internet. So, why is the blockchain disruptive?

The blockchain removes the need for a third party to guarantee a transaction by combining powerful encryption with distributed structure. It coordinates agreements among partners and minimizes interference. It creates a highly tamper-resistant structure that makes almost all kinds of transactions secure and verifiable. In a word, it is a breakthrough that could reshape the entire digital economy.

In conclusion, the blockchain can create a formal registry to identify products and track their course through the different points of supply chain. It will allow internet-connected equipment to monitor the products they are handling and tag them according to temperature, location and other relevant environmental conditions. This provides assurance that the products were safely handled throughout their journey in the supply chain.

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Applying the Blockchains to the Supply Chain

Blockchains are known to be the marvel behind the Bitcoin, but other industries also benefit from this revolutionary technology. Companies that are looking to improve efficiency have found a way to solve the supply chain issues using this technology. Companies are able to trace items from manufacturing up to the delivery of products at the consumers’ doorstep. In a word, blockchains hold the key to a more transparent supply chain.

The supply chain is facing many obstacles such as lost, stolen, diverted or counterfeited products. Using a distributed ledger, blockchains can be used outside financial transactions. In the same way that they improve money, they can also enhance the supply chains globally. How? Once a product is labeled at the marketing level, it can be tracked through the entire supply chain.

Two Applications of Blockchain in Supply Chains
There are two ways blockchains can be applied in the supply chain. First, they can be used to track products and inventory by confirming receipts and releasing payments automatically. In a word, it can help track products across a decentralized network. They can also help reduce transaction fees as well as speed up payments. Usually, transactions are processed in two to three days. With blockchains, they can be done within hours.

Second, blockchains can aid transparency in the supply chains. They can be adapted to track information about the product – ultimately revealing the full chain to the public. Using a website or application, consumers are able to trace information all the way back to the manufacturing level. This could highlight work practices, Fairtrade considerations and many more. In a word, blockchains help us understand transactions from end to end.

In conclusion, blockchains promote trust and transparency in the supply chain. They help identify and trace items from manufacturing to delivery. Every time a product is moved, the transaction will be recorded in the database and into the blockchain. As a secure, joint record of exchange, consumers can track what is going on with the products and who handles it along the way. In a word, blockchains create entirely new opportunities for participation.

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