Blockchain is an emerging technology with huge potential across many industries. A technology that generates this much excitement brings people together from all across the globe to share their experiences and discuss projects that they hope will one day create a more efficient and democratized world. This past week in Amsterdam, the Blockchain Expo Europe hosted the Yash-c5mi team and fellow attendees who converged to discuss the future of Enterprise Blockchain.
As global companies experiment with Blockchain technology, they have discovered and developed use cases that reach far beyond payment systems. Employing blockchain technology gives enterprises the ability to create an immutable data structure that will revolutionize business models and change the way disparate companies interact.
It was re-confirmed this year at the Blockchain Expo in Amsterdam that one of the most anticipated applications of blockchain technology is its use in Supply Chain.
Established companies, start-ups, non-profits, and individual attendees discussed current blockchain initiatives and use cases. Examples included parts traceability throughout a manufacturing supply chain, establishing food integrity through provenance, sustainability in the fishing industry, management of natural resources, and Blockchain used for global welfare.
The manufacturing industry has some of the most complex supply chains, and companies constantly encounter problems with reliable data transfer throughout the chain of participants. This is because each company runs its operations using a different ERP system. There is no end-to-end interface that enables an efficient way to share and transfer data. To combat this problem, YASH-c5mi has developed a Blockchain applications that provides an organization the ability to connect disparate ERP systems and share necessary bits of information across a supply chain.
By writing serialized part information to a blockchain, all participants in the supply chain are able to reference a digital twin.
This insight carries through to the distributors of the product as well as the end consumers. The shared data ledger increases transparency and leads to an increase in efficiency which, in turn, provides value through drastic cost-reduction.
Another company that presented at the Blockchain Expo Europe is Airbus. Supply chains in the aerospace industry are extremely complex, making the efficiency benefits of implementing blockchain technology very intriguing. Wouldn’t you feel safer knowing each and every part of an airplane, down to the nuts and bolts, was manufactured and tracked with precision?
Track and trace using the blockchain is …