By Simone O. Otenaike
Recently, a multinational technology firm launched Trust Your Supplier, a new blockchain network designed to improve supplier qualification, validation, onboarding and life cycle information management in the supply chain industry. Leading technology, telecommunications, pharmaceutical, beverage and manufacturing firms have already joined the network as founding participants. The same multinational technology firm also recently partnered with a California-based technology firm to pilot a blockchain project that will track hard drives through the supply chain. The multinational technology firm is both the customer of these drives and the provider of the underlying blockchain platform. According to reports, the supply chain solution will track products sold to the customer and products returned to the supplier to ensure that only genuine devices, rather than counterfeit ones, are returned.
A global automobile manufacturer also recently announced production of the first cars containing recycled cobalt verified through blockchain technology. The manufacturer also announced plans to join a separate project to track cobalt from the Democratic Republic of Congo. In more supply chain news, a major wine importer in China, in conjunction with VeChain, launched the second phase of the Wine Traceability Platform to combat wine counterfeiting. In the new phase, each wine bottle has an encrypted tag that allows customers to access immutable product information stored on the blockchain. According to reports, since the platform’s launch, more than 20 imported wine products have been made available on the platform and the importer has seen a 10-percent increase in wine sales.
The UCL Center for Blockchain, in conjunction with the Retail Blockchain Consortium, recently released a market report surveying the adoption of blockchain in the supply chain industry. The report reviewed more than 100 projects and notes that 15 percent of projects analyzed have moved into the production stage. Another recently released report comes from a multinational professional services firm and evaluates blockchain use cases in the insurance industry.
This article first appeared on BakerHostetler’s Blockchain Monitor blog and is published here with permission. Please visit Blockchain Monitor for more information.