Technology has made inroads in our lives like never before. The ever-changing demands by the customers and the need for the companies to meet these demands have led to the surge of new technological developments that could make our life easy. The blockchain is one such development that the world is talking about. Coming to its application, the Blockchain finds usage in almost all the business verticals. We have already seen Blockchain use cases in finance, healthcare, academics etc. but the supply chain remains the most conventional use case of this technology.
Supply chain forms the base for most of the sectors whether it is manufacturing, food supply, retail healthcare or shipping. It is very hard to find a business niche where the supply chain is not required. In fact, it won’t be wrong to say that an efficient supply chain is a key to business success.
Despite being such an integral part of business operations, supply chain remains prey to many lacunas and one of them is intermediaries. From the time the product is produced until the time it reaches the end-user, it passes through various intermediaries which not only enhances the cost of the product but also delays the entire process. Thus, there is a need for technology or platform that can help in overcoming these problems.
The Blockchain is the probable solution for the same. The technology offers a platform where data storage easy and tracking of data gets simplified.
What is Blockchain?
It is a digital ledger where the information is spread across the network instead of being stored on a centralized server. The distribution of data makes it easy for anyone who is a part of the network, easily access the information. This data or information or blocks as we call in DLT is time-stamped. This makes it difficult for anyone to change the data and track the data.
All these features make Blockchain an inevitable technology. Moreover, it also cuts down the need to have a third party involvement making it easy to have a system which is free from intermediaries.
It is because of all these reasons that companies like Wallmart, Amazon, Facebook, Microsoft etc. are trying to explore new avenues of Blockchain application. Many companies and nations are trying to explore Blockchain technology and its application. The latest news comes from Australia where WWF has introduced a Blockchain based system that will help in tracking the food supply.
What is this development all about?
Blockchain application in the food supply is not new, this development is recognized by Australia and he is the reason WWF Australia has come up with a platform that will be working in sync with QR codes to help both, the consumer and the producer track the course of the food supply.
This platform is a result of coming together of WWF-Australia and BCG Digital Ventures. This Blockchain based platform is known as OpenSC. The origin of the product could be traced using the code, anyone who accesses this code can trace the location and the entire supply chain of the product.
How does this technology work?
With the help of this platform, QR codes are distributed to the products. This code is accessible to both the client and the consumer while signing up for this scheme. All these codes are linked to the Blockchain platform. With the help of these codes, the consumers can anytime check the origin and entire life cycle of a particular product.
What is the objective behind such development?
Any new change triggers a new era of development that will simplify consumer’s life and a the same time it also ensures that customer has all the information so that they can be assured that the product is value for money. OpenSc will empower the customer by providing them with the right information related to a particular product.
Another great help that such a platform would bring would be easy traceability of the product, this will help the producer to know how the product is reaching the end-consumer. In case of delay or any discrepancy, the client or even the customer can easily track the source of delay by opening up this platform.
The crux of the matter is that Blockchain is one of the leading technologies that the world is talking about. It is bringing in revolutionary changes in every sector for the betterment of life. This move by WWF-Australia is a revolutionary step in the food sector. It will empower the customer and the producer, at the same time it will ensure the companies follow ethical practices so that the consumer gets the original product at the best price.