Supply Chain Cryptocurrencies on Blockchain

April 29, 2018

Quantaloop plans to launch blockchain for business platform starting with the mining and natural resources industry – coined the beginning of supply chain as all products start at the source (Provenence on the Quantaloop blockchain – the place of origin or earliest known history of something), we thought this post on the current landscape regarding the latest in supply chain technology would be nice to recap. So who are the leading providers of cryptocurrency related to supply chain? Are these competitors in the space or are we under one mission to better the future of this technology?

Supply-Chain-Management-blockchain

Blockchain technology allows individuals to securely and transparently track all transactions that take place on it. Originally, blockchain technology was created for the financial sector to deal with decentralizing financial transactions and the slew of benefits cryptocurrency offers including transparency, ease of tracking, and strength against manipulating data within the blockchain were many of the reasons companies started to implement it. The blockchain has many benefits that would apply to supply chain management which is why there have been an overwhelming number of supply chain related cryptocurrencies in the market place.

The blockchain allows the supplier (and public) to securely and transparently track all types of transactions. This would mean every time a product changed hands from a supplier to an individual, or from an individual to another individual, a transaction would be documented. By creating this transaction within the blockchain a permanent history of each product, from manufacture to sale is completed. If there was an issue with a product it could be immediately tracked back through the supply chain, on the blockchain, to see if the error was created by a manufacturer, supplier, individual or was a fluke accident. The biggest benefits of blockchain for the supply chain are recording, tracking, assigning, linking, and sharing. Recording is important to track the transfer of assets such as containers between supply chain nodes. Tracking is essential when it comes to purchase orders, receipts, ensuring all trade-related documents are secure. Assigning is essentially verifying certifications of physical products, for example: making sure oranges labeled pesticide free are indeed labeled correctly. Linking places physical goods to actual serial numbers of RFID tracking tags while sharing provides this information (assembly, delivery, maintenance) securely on the blockchain for viewing. Overall, the blockchain will dramatically improve supply chain management by incorporating enhanced transparency, greater scalability, better security, while constantly innovating.” according to BTCManager on blockchain supply chain currencies.

These cryptocurrencies include: WTC, VEN, TRAC, ARY, WABI, MOD, and soon leader QNT. Here is a brief few lines on each of these and what each blockchain focuses on specifically.

  • WTC: Waltonchain – the goal is to create a “genuine, believable, traceable business model with totally shared data and transparent information, depending on the combination of RFID and Walton chain technology implemented.” WTC has created a 4-phase development plan to implement blockchain in supply chain management.
  • VEN: VeChain – VEN specializes in authenticating a company’s supply chain. The concept is by using blockchain technology goods can be guaranteed authentic. The systems ensure product quality, but in a decentralized, global network which is able to cut costs across multiple industries. The manner in which this is achieved is by using smart chips to monitor products as they are tracked through their lifestyles.
  • TRAC: OriginTrail – TRAC enables the seamless sharing of data along any supply chain. This decentralized, blockchain supported network ensures transparency, trust, and security. It does all this while having methods of verifications while seamlessly providing companies relevant data. This will help companies protect their brand image, increase efficiency, save on many costs, and greatly benefit the entire supply chain.
  • ARY: Block Array – ARY intentionally determined multiple flaws in the current supply chain management system and looks to solve them all. They provide, fast, secure, scalable, proven, ELD Records in a secure and accessible format. Everything from detention payouts to supply chain logs can be integrated into their technology stack.
  • WaBi – The WaBi provides the consumer an incentive to partake in the supply chain by confirming it authentic prior to consumption.  It is provided to users who scan the product as a bonus of taking the time to ensure it’s authenticity.
  • MOD: Modum –  MOD is a supply chain system that integrates blockchain technology, smart contracts, sensory devices, into a single solution. MOD’s solution aims to integrate enhanced data across the entire supply chain. MOD will initially focus on penetrating the pharmaceutical industry.
  • Provenance: Every product has a story: Traceability. The backbone of Provenance is a system for tracking materials and products on a blockchain: public, secure and inclusive. Proving authenticity or guaranteeing quality, item-level tracking is available on Provenance and they are building a traceability system for materials and products using blockchain. It is a data system for securely storing information – inherently auditable, unchangeable and open data.
  • QNT: QuantaLoop – Tackling the best mix of blockchain for supply chains across multiple industries including vetting the best solutions for smart contracts, transparency, security, payments, efficency and more so that implementation of blockchain is done with ease and top quality. Quantaloop works with all blockchain providers to create a better, more sustainable and cleaner world.