Blockchain is the most buzzing word, not only in Fintech industry but in other industries. One such industry that is leading the way in exploring the potential of Blockchain is Supply Chain. With regards to the Blockchain, Wharf Street Strategies creates solutions thatimpact all facets of the supply chain, with a particular focus on logistics. Traceability and transparency are some of the most important foundations of logistics, and Wharf Street Strategies with its enterprise blockchain technology can optimize business solutions by deploying the frameworkthat can resolve various tracking, traceability and resource utilization issues.
Smooth flow in the supply chain is an issue. There are too many intermediaries in between like suppliers, providers, customers where they interact via central third-party entities rather than interacting directly. Counterfeiting the products has been an issue with almost all the online retailers which would result in customer dissatisfaction. Furthermore, delivery delays are mostly caused due to lack of access to up-to date data with suppliers & manufacturer having own infrastructure which makes it difficult to track products in real time. Keeping a track of all the elements for big organizations can be tedious. Thus, it becomes very difficult to maintain track for such big companies.
Today’s supply chain has increasingly becoming sophisticated, and their impact on competitiveness of many companies is an important factor that need to consider keeping the process smooth and running.
Sudden change in demand/ supply
Rapidly changing environments need business to react quickly with the change in frequency of supply and demand which is challenge from business perspective.
Ineffective supply chain risk management
Due to various stakeholders involved in supply chain, companies are facing significant variability risks as there is no real-time database for monitoring which can help to predict the risk in order to react properly.
Lack of end-to-end visibility
Companies are struggling to have clear overview on their supply chains both internally and externally leading different types of risks such as fraud, code of conduct violations, and many more.
Every stakeholder in chain has to trust one another in their willingness to communicate true information which is big challenge if there is third-party/ vendors involved.
Since the supply chain is not integrated end-to-end there is no continuity in the provision of information. Hence, each party needs to reconcile the data to ensure accuracy and effectiveness, which impairs efficiency.
From the above challenges, we can derive that to be reliable, efficient, trusted and resilient, supply chains require:
Monitoring supply chain events and its processes is necessary to increase efficiency along the supply chain and ensure traceability.
The quick adaption of changing environment and respond to issues rapidly with no critical impact on operational costs is necessary to stay competitive in the market.
Trust protocol should be like instead of parties trusting each other, they should trust the security integrated into the system for information sharing.
Quantities & transfer of assets like vehicles, containers etc. as they move between one facility to another can be recorded on the blockchain for real time update about the shipment. Purchase order, receipts, change in orders documents can be tracked when uploaded on a block in a blockchain. As it’s not editable the chances of counterfeiting the goods will be minimized.
Blockchain can help enterprise realize the digital supply chain by providing a ‘single version of truth’ for the entire parties in that chain. By sharing important information such as inventory levels, order, sales data and shipment information, companies can eliminate information delays and the uncertainty that can lead to mismanagement in stock.
Blockchain creates distributed ledgers and can give access to all the parties involved for the real-time update. The deployment of blockchain in supply chain can lead to:
Realtime tracking to make sure that all operations are efficiently run and carried out in pre-specified and anticipated timelines for deliveries, thus eliminating any non-relevant delays in delivery.
As we already know that supply chain is facing major challenges today and will face tomorrow. The demand for transparency and traceability has increased over the past few years. Thus, in the context of logistics, blockchain can help to increase end-to-end visibility along global supply chains. It can lead to improved tracking of goods and offer tamper-proof data to build trust among parties. IoT on the other hand, will serve as a link between physical and digital world by providing the real-time information on the materials and products to the blockchain. Overall, these technologies will revolutionize the way the different participants in supply chain capture, communicate and access information thereby providing secured and transparent platform which is the need of an hour in supply chain.
The blockchain technology is benefiting several industries and sectors with transparency, security and many more features, adding value to their businesses. Thus, it is to be believed that it is all set to transform the current working of identity management as well, in a highly secure manner and for easy accessibility.
The existing identity management system is neither secure nor reliable due to its nature of storing data on centralized server. At any point of time, you are being asked to identify yourself through multiple government- authorized IDs like Voter ID, Passport, Pan Card and so on.
Having and sharing multipleIDs leads to privacy concerns and data breaches. Therefore, the blockchain can pave the path to self-sovereign identity through storing data on decentralized networks.
A self-sovereign identity assures privacy and trust, where identity documents are secured, verified and endorsed only with the permission of users.
There are 4-major problems with the current system:
Since the data is stored on single servers, it can face a downtime and exposed to hacking
Multiple platform means multiple database which becomes more vulnerable to security risks
Need multi-level approval for data access management
No control of data
Blockchain technology provides a turn-key solution to the problem outlined through enabling people to store data on a blockchain, rather than hackable servers. Information, once stored on a blockchain, is secured cryptographically and cannot be manipulated, thus making massive data breaches very difficult, if not theoretically impossible.
While storing data on a blockchain as a general, high level solution seems clear, there are multiple hypothetical approaches for implementing it. One strategy is to eliminate the need for intermediaries through enabling individuals to store their identities and data directly on a blockchain that a user can access anytime and anywhere. With users’ digital identities cryptographically stored directly on a blockchain, users would no longer need to provide sensitive data to any third party. Another approach is to allow users to encode their personal data onto a blockchain that can be accessed by third parties, only with the consent of users.
Each user who registers on Blockchain identity management system will get a unique identity number for which they will have private and public key. User’s unique ID number consists of all personally identifiable information (PII) in an encrypted format that is stored on their device backed byInterPlanetary File System(IPFS). Users can simply share unique ID with any third-party to authenticate themselves directly through the Blockchain Identity Management for easy access.
A blockchain identity management system will not store any users information on a centralized server. Moreover, the system uses Smart contracts to enable the controlled data disclosure and access. It makes the user control their personally identifiable information and the transaction of users’ information can only occur with the clear consent of the user.
No personal identification details or documents of the users will be stored in a centralized server. All the documents that identify users get stored on their device backed by IPFS, thereby making it safe from mass data breaches. Using the Blockchain identity management backed by IPFS doesn’t allow any hacker to steal the personal information. Since the data will be stored on multiple servers meaning decentralized, there will be no single point of failure (SPOF). Single point of failure means the part of the system; if it fails, the system will stop working. Therefore, the absence of SPOF ensures that the system will never compromise or hacked.
A universal ecosystem
The blockchain identity management doesn’t set to any geographical boundaries allowing users to share information across the borders to get verified.
Applying for a loan
Let’s say you have to apply for a loan or open a new bank account. Traditionally, you have to submit identity documents for completing the entire manual verification process, taking weeks to process the loan or credit. But a blockchain based identity could fasten the process by sharing information rapidly and in secured manner. With the help of blockchain a user may not have to maintain different IDs, the cost, as well as efforts, could also be reduced.
Apart from carrying a passport, a traveller also needs to take along a set of documents for clearance and security checks at the airport. From booking a ticket to passing security checks, boarding a flight, and moving to a new country, an individual can present their universal blockchain based identity throughout the entire process. A person with a decentralized identity does not have to carry multiple documents thus making the overall process fast and streamlined for both travellers and authorities.
While undergoing any legal process, a user may have to submit multiple identity proofs like proof of age, proof of occupation, address proof, and various other documents. With the help of blockchain identity management, people might not have to carry multiple documents and can present information on their universal blockchain identity management. Legal entities, as well as government bodies, can verify person from a single blockchain based identity thus, comprehensive background check is no more required.
Whenever an individual place order online, they are asked to fill specific information like name, email, address,phone number etc. They have to repeat the process every time whenever they sign up toany e-commerce site, making the whole process time-consuming and cumbersome. Henceforth, signing-up at multiple e-commerce sites with a unique blockchain base identification number can save user’s time as well as efforts.
Previous Employment verification
Presently, there is no fixed standard to do a background check of the employees. In the global employment sector, it is essential to check employee’s information written in resumes to validate and authenticate information. Validation of the information written in employee’s resumes can be accesses directly through the blockchain ecosystem with a user’s permission.
This technology is unassailable intelligent creation capable of disrupting multiple industries making the processes more democratic, secure, transparent, and efficient. In this context, we’ll be discussing the impact of blockchain over the healthcare sector.
Though Blockchain has already penetrated into all major sectors, healthcare is still on the verge of development, the main reason why medical organizations hesitate to use blockchain is the lack of knowledge around this technology. A huge proportion of respondents are still at the stage of education and exploration, which is why responsible state organizations should make the corresponding information more widespread among caregivers.
One of the serious issues being felt in the healthcare sector is drug counterfeit. As per the Health Research Funding Organization (HRFO), approximately 10%-30% of drugs in developing countries are a bad replica of the genuine product which provides different effects than their traditional medicinal counterparts, thus, instead of relieving the patients it proves to be harmful and dangerous to a person’s health. Further, every year US businesses lose up to $200 billion because of drug counterfeiting.
To recount this issue, blockchain can be very effective which allows easy detection of fraudulent drug dealers. Based on the two blockchain types: private and public, healthcare blockchain companies must register their products in the private or public system. While the Private system ensures authenticity and the high quality of the registered medicines, the Private Blockchain is moderated by the central entities, giving access to a specific producer or distributor to check the authenticity of the drug. Once a drug is produced and rolled from the manufacturer to retailer, the operational data is recorded over the blockchain and thereby makes it extremely easy to verify the whole path of the drug and determine all chain links at any time.
Data Security in Clinical Trials
Medication involves a lot of Clinical trials to determine the effectiveness of particular medicines which cure specific diseases. During such trials, researchers are individually assigned a responsibility to do specific research and record a great deal of information concerning statistics, test results, quality reports, etc. This entire scenario makes it difficult to keep a track of the progress made by each researcher individually and thereby, this researched data is prone to be stolen by the criminals who are interested in recording the results that are beneficial for them, even if the data does not coincide with the reality. This issue can be sought out by the blockchain technology which allows users to prove the authenticity of any document registered in the system. It provides proof-of-existence by adding data in the form of the transaction and validating the information by all system nodes. Since blockchain records immutable data, this characteristic will allow for the storage of results from clinical trials in a secure way, making it impossible to modify data.
Summing up to this, we may infer that with the rapid development of blockchain, the healthcare industry has already become blockchain-oriented with many big firms in the sphere tending to implement it within their business. This comprises of not only pharmaceutical companies but also hospitals and healthcare institutions where the use of blockchain will lead to faster and more efficient problem-solving.
Use the expertise and deep tech background of the best minds at Wharf Street Strategies to create a comprehensive IT strategy for a digital and technological transformation of your organization that goes in line with your business objectives. Our strategic IT consulting will help you automate and digitalise operations, optimise the software portfolio, and implement the latest technologies.
Blockchain is the most buzzing word, not only in Fintech industry but in other industries. One such industry that is leading the way in exploring the potential of Blockchain is Supply Chain.Learn More
The blockchain technology is benefiting several industries and sectors with transparency, security and many more features, adding value to their businesses. Thus, it is to be believed that it is all set to transform the current working of identity management as well, in a highly secure manner and for easy accessibility.Learn More
Blockchain technology being acknowledged worldwide as one of the most revolutionary technologies discovered to bring revolutionary impact over all major sectors, be it banking, finance, food industry, supply chain or healthcare sector.Learn More
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