Supply Chain/Blockchain Friday Wrap — Week ending 30 November 2018
The significance of blockchain technology is being realized by companies and organizations, both large and small. The innovative technology’s traceability and transparency are not only impacting businesses and ideas today, but it’s also being predicted to have a significant impact on the world in the near future.
Here’s our weekly roundup of supply chain and blockchain news!
Amazon Gets into the Blockchain with Quantum Ledger Database & Managed Blockchain
Amazon announced a new service called Amazon Quantum Ledger Database, or QLDB, which is a fully managed ledger database that tracks the history of all changes. Some of its key features include its transparency, ability to automatically scale up or down as needed, ease of use, and speed.
Amazon also announced a managed blockchain service. CEO of Amazon Web Services Andy Jasser said, “It will be really scalable, you’ll have a much more flexible and robust set of APIs for you to make any kind of changes or adjustments to the ledger database.”
It allows you to manage certificates, lets you easily invite new members to join the network, and tracks operational metrics such as usage of compute, memory and storage resources.
Swiss Brand to Become First European Country to Trace Tuna on the Blockchain
Swiss food company Pacifical is about to become the first European food importer to use distributed ledger technology for the supply chain of its canned tuna. The organization represents 25% of the world trade tuna stocks and promotes its trade of MSC certified sustainably caught fish.
Pacifical strives to provide an unprecedented level of transparency and traceability to ensure the sustainability of the tuna that are caught. According to a Forbes report, one in three seafood products in the United States were labelled incorrectly and some presumed real seafood was replaced by chemically created “fish” products.
MSC tuna can lids involved in Pacifical’s project will be marked with the organization’s logo and a QR code that allows customers to track all relevant information regarding the product using a blockchain viewer website.
Penn State York to Offer Project and Supply Chain Management
Penn State York is set to offer a new four-year degree, the Bachelor of Science in Project and Supply Chain Management, beginning in Fall 2019. The program emphasises the integration of manufacturing and service operations, logistics, purchasing, and distribution — the functions that enable organizations to cultivate value-creating supply chain networks.
Ali Kara, professor of business administration and program coordinator for the new Project and Supply Chain Management program, said, “Today’s competition is not between companies but between supply chains. Supply chain management is the management and coordination of all activities from procurement to manufacturing, and from inventory to distribution.”
Report: Blockchain Deployment Could Add $3 Trillion in International Trade by 2030
The World Trade Organization (WTO) released a report on blockchain technology’s effect on international trade. According to the study, blockchain’s economic value on a global scale could reach about $3 trillion by 2030.
The study took into account the technology’s effect on industries such as trade finance, customs clearance, logistics, and transportation. The study found that blockchain has the potential to significantly cut costs by increasing transparency and facilitating process automation, including financial intermediation, exchange rate costs, coordination, and other aspects.
The report says, “The removal of barriers due to blockchain could result in more than $ 1 trillion of new trade in the next decade.”
European Union Invites Major Banks to Join Blockchain Forum
The EU is in the process of establishing a blockchain forum and has invited at least five major banks, including BBVA and Santander. The goal is to “develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy, cybersecurity, interoperability and energy efficiency, and fully compliant with EU law.”
According to the European Commission, frameworks need to be developed that will ensure the benefit of Europeans and that Europe will become a hub for blockchain technologies.
Gravity Earth is Using the Blockchain to Help Refugees Gain Access to Financial Services
Gravity Earth has developed a platform that allows a person’s digital data to be stored securely on a decentralised platform, giving insight into how blockchain can be used to help refugees gain access to financial services and other resources they need to raise their standards of living.
The platform can be used by non-governmental organisations (NGOs) who are working at refugee camps to digitise and store personal data. The goal is for the platform to connect with third-parties, such as financial service platforms, to allow users to gain access to banking and other financial services in the future.
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