What is the Role of Blockchain in the Supply Chain?
The number of use cases of blockchain technology is much larger than most people imagine. Outside of the financial sector, there are dozens of opportunities waiting to be explored.. OriginTrail, for example, is currently trying to integrate data on the blockchain from forensic labs. It is undoubtedly an interesting venture, although time will tell how successful this project can be.
BLOCKCHAIN TECHNOLOGY
On paper, blockchain technology has created many different business models. can facilitate. While much of the current focus is on improving the financial industry as a whole, some companies are also exploring other use cases.. Saving data securely and immutably, for example, is something many companies would like to do. Achieving this could have huge repercussions even for the rest of the world in the long run.
The work by OriginTrail should not be overlooked in this regard.. Although few people know about this company, the team took a very impressive step a long time ago. Signed an agreement with two scientific laboratories from Australia and Vietnam. Such efforts are required for other companies that focus on data integrity and address issues related to the food supply chain.
More specifically, the OriginTrail blockchain solution is an infrastructure for integrating and distributing data.. It will also generate reports for clients of any company or project using this blockchain.. Thus, a whole new layer of transparency and trust can be created in a contactless way.. While only time will tell how successful this initiative can be in the long run, the project still opens the door for many different uses.
There is still a lot of room for improvement when it comes to ensuring the integrity of food and non-food products.. As of now, all testing on food must be publicly and transparently recorded.. Doing this with current technologies has proven to be quite a hassle, especially since much of the data can change.. This is where blockchain comes into the picture, as it provides a completely different environment to store and record any kind of data.
This new pilot program for OriginTrail is a major milestone.. The company has worked with other food supply chain organizations in the past and will continue to bring blockchain technology to more companies in the future.. As of now, the possibilities are almost endless, but the real use cases of this blockchain technology are yet to be fully unlocked.
In the long run it will be interesting to see how the food supply chain is fragmented with blockchain technology.. Bringing more transparency can only be considered a good thing for most people.. Consumers have shown increasing demand for safe, healthy and nutritious foods. Without proper solutions to trace the origin and supply chain of food sold in stores, it creates a problem. Therefore, companies will have to look for innovative ways to regain consumer trust, which is much more difficult.