British Standards Institution (BSI) has entered into a strategic partnership with blockchain startup OriginTrail to deploy distributed ledger technology (DLT) in the field of supply chain management to create greater visibility and trust, reports SupplyChain on January 25, 2019.
Disrupting Supply Chain One Channel at a Time
Supply chain management in the 21st century demands greater trust and efficiency as today global supply chain networks are connected more than ever before.
Keeping in view the need for developing enhanced trust with clients, the BSI will work with OriginTrail to develop blockchain solutions that would help mitigate common malpractices prevalent in supply chain channels like counterfeiting, adulteration, and illicit trading. According to the report, these solutions will also be used to “confirm the provenance of goods and/or the integrity of digital records or services.”
The partnership will make use of the BSI’s expertise in certification, assessment, and compliance along with OriginTrail’s technology prowess.
Sharing his thoughts on the newly christened partnership, Tomaž Levak, OriginTrail’s co-founder and CEO, stated that the company appreciates BSI’s initiative to deploy blockchain technology in the field of the supply chain which is often plagued with opaque supply channels in the remote parts of the world.
He added that the company looks forward to developing cutting-edge blockchain solutions for BSI’s clients and propel them towards the fourth industrial revolution.
Howard Kerr, CEO of BSI, shared similar sentiments:
“This strategic partnership aims to provide our clients with the ability to demonstrate the authenticity of their compliance through the digital records of the assessments and certifications they have achieved from BSI. Ultimately building trust and confidence as consumers and business partners can easily verify the provenance of the goods and/or services they are buying.”
Blockchain to Keep Track of Supply Chain
Recently, there have been debates on the use of blockchain technology across various industries. Many argue that the technology is being unnecessarily shoehorned into industries which might not necessarily need it.
However, DLT’s immutability makes it one of the best tools to disrupt the global supply chain industry which is marred by rampant corruption. BTCManager reported on July 25, 2018, how a New Zealand startup is using blockchain technology to track the supply chain of garments.
Similarly, reports emerged on December 2, 2019, about how the emerging tech could prove to be an effective armor to tackle the opaque supply chain of the jewelry industry.