Blockchain technology has taken the world by storm. Irrespective of the business domain, companies are deciphering ways to implement this technology and integrate their mainstream business operations with DLT. We are aware that big names in the industry like Facebook, Amazon, Microsoft, IBM, etc. are already working aggressively toward Blockchain improvisation and implementation. Another name to this list comes from Uganda where a coffee company has decided to implement Blockchain technology to improve its supply chain management. Read ahead to know more on this.
Blockchain quick overview
Distributed ledger or Blockchain as well all know, is a technology that renders a decentralized platform for data exchange where time-stamping ensures that all the data is present in the chronological order. All the data exchange is encrypted cryptographically, practically minimizing the possibility of data hack or alteration. All the features make Blockchain one of the most talked about technologies.
Another feature of Blockchain which makes it so popular in the industry is traceability. Blockchain provides a transparent system where tracking of data becomes very easy. You can easily check the source and journey of a particular product or information. This makes Blockchain a useful technology for supply chain management companies. Whether it is the shipping industry or retail or healthcare, supply chain management is an integral aspect of all the businesses. With the help of Blockchain, it becomes easy for the comprise to trace the information and also minimizes the probability of data alteration and hacking.
News from Uganda
A Ugandan coffee company, Carico Cafe Connoisseur, Carico Cafe Connoisseur, has integrated DLT with it supply chain system to aid the certification of the coffee shipment, thus, helping their customer know about the authenticity of their product.
How will this new system work?
The functioning of this system is fairly simple; the bags of coffee beans will be wrapped in Blockchain technology Ugandan Flag. These packages will have coffee that will be traced using Blockchain. The coffee company will make use of DLT to track coffee’s raw materials as it moves from the Farm to the stores.
The Blockchain is known to offer ease of traceability which is very helpful in supply chain management. The company starts tracking the information right when the coffee is collected from the farms and loaded into the shipment. These have, and all the information is stored on the ledger. Once the consignment starts moving, integrated Blockchain ledger makes it easy for anyone to trace the coffee. All this information is stored in the ledger when it reaches different locations like farms, warehouses, inspection center and finally to the store.
The objective behind this move is to help its customers trace the entire origin of the product so that they know what kind of beans are being used in the coffee, year of harvesting. The customer can get this information by scanning the QR code on the coffee packets.
As per the reports of the International Coffee Organization, Uganda is one of the largest exporters of coffee in Africa and is known to produce high-quality coffee. With the integration of Blockchain technology, it will become easier for the customers to track and trace the information about the coffee, thus helping in enhancing the credibility of the company.
This will not only benefit the customers but the farmers who are producing coffee. The company claims that the consumers are ready to pay more for the products when its place of origin is known. Thus, farmers will get more money for their coffee. Blockchain’s implementation will not only benefit the company but at the same time, it will also benefit the customer and the farmers.
Despite the recent slump in the crypto assets built on Blockchain technology, there has been a steady increase in the popularity of this technology. The companies are trying to use this technology for their benefit. The credit for the same goes to the multitude of features that Blockchain has to offer; we know that companies are always trying to find out different ways that can help them manage their products while assuring value for money to the customer. Blockchain helps in forming that platform which is transparent and ensuring data security. All these features help the companies in gaining a competitive edge in the market.