Every day, solution providers continue to research, develop, and integrate “Industry 4.0” technologies, like 3-D printing, Blockchain distributed digital ledgers, cognitive capabilities, connected devices, and robotics within sourcing, procurement, and payables / accounts payables business tools, giving rise to a new generation of supply management tools, dubbed “Procurement 4.0.” Blockchain ledgers, in particular, now rival “artificial intelligence” as the tech trend of modern business era, making the Blockchain solutions market fertile ground for big tech companies and enterprising start-ups, alike. As a result, there is a nearly constant stream of Blockchain news emanating every week. And so, the CPO Rising editorial team thought that it’d be fun and worthwhile to cover these developments in a separate and semi-regular technology round-up, dubbed, When Blockchain Meets Supply Chain. Enjoy!
IBM and Maersk Make Their Blockchain Partnership Official
Yesterday, news broke that IBM (NYSE: IBM) and Maersk Group officially launched their Blockchain-based digital supply chain management system, TradeLens. The joint venture by the two international heavyweights is the product of a year’s long collaboration to link the physical supply chain with Blockchain distributed digital ledgers to increase visibility into worldwide shipping and logistics. TradeLens enables multiple stakeholders along a supply chain, from exporters to shippers to intermediaries to customs agents to auditors, to be able to access and share information in real time as products and commodities make their way across an extended supply chain. It leverages sensors embedded within shipping containers and linked to Blockchains in order to provide real-time updates. It had been in pilot use by 94 companies; but yesterday’s announcement makes TradeLens official. IBM and Maersk are in discussions with Openshipping.org and the United Nations to align TradeLens to UNCEFACT standards. Meanwhile, TradeLens is available to organizations through an API.
Block Array Announces New Blockchain-Based Supply Chain Solution
Ardent Partners has recently learned that Block Array, a Tennessee-based startup focused on developing Blockchain solutions for businesses, has announced the open beta of a new blockchain-based shipping document application called FreightTrust. The new application is designed to eliminate the need for physical shipping documents (like bills of lading). Through the use of an ethereum-based Blockchain called POA, FreightTrust has been used by several businesses over the last month. Block Array is targeting businesses that ship hazardous materials, industrial goods, and other durable goods with long life cycles. With items like those, records need to be kept sometimes for years, and utilizing a Blockchain-based application can help eliminate manual record-keeping. Block Array announced that it is beginning to expand to open access for any and all businesses that wish to use the application.
Commonwealth Bank Launches New Blockchain Project for Supply Chain
Commonwealth Bank (CBA), an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom, has launched a new blockchain platform with the goal of helping re-configure how information gets shared across global supply chains. The new platform is supported by distributed ledger technology, smart contracts and the Internet of Things (IoT). Partners that utilize the Blockchain-enabled supply chain, will be able to upload and access key documents, like the bill of lading, as well as other documents required by customs. Through the use of IoT devices inside shipping containers, partners will also be able to view and monitor the location of shipments, and track other factors like temperature and humidity. The use of Blockchain technology allows users to better track and understand the volume of shipments that come through the supply chain, and better prepare for trade demands in the future.
New Blockchain Startup, CircularTree Launches to Help Manage Compliance and Sustainability Workflows
Earlier this month, a new Melbourne- and Berlin-based Blockchain startup, CircularTree was launched with the goal to create a more efficient way to manage compliance and sustainability responsibilities within the supply chain through the use of Blockchain technology. Through distributed ledger technology, supply chain users will be able to monitor accurate and verified product compliance information. A long-term goal for the company is to provide sustainable solutions that can integrate with technologies like artificial intelligence, machine learning, and/or the Internet of Things. Within compliance, Blockchain-based technology can be used to monitor verified product compliance information.
The company is working on two projects to start off. The Hazchain project will look to reduce the risk around managing chemical hazards by creating an ecosystem where safety compliance information is standardized time-stamped. Wherever a hazardous product is used, stored, recycled, or disposed of, there will be verified compliant chemical safety information. The SustainBlock project, which is being funded by the European Partnership for Responsible Minerals, will use Blockchain technology to trace conflict minerals from mine to store. This will create accountability for the end users who will have verified record of where minerals are coming from.
Ambrosus Launches Mainnet to Promote Quality of Products for Customers
Ambrosus, a Blockchain and Internet of Things platform provider within the pharmaceutical industry, has launched its mainnet, called AMB-NET 1.0, which will allow businesses to record supply chain data on its blockchain. Ambrosus, which is headquartered in Switzerland, and has offices in Ireland and Estonia, says the data recorded on the Blockchain will be used to promote quality and safety of products. This information can be verified by the new platform’s connected ecosystems. Users of the mainnet can record data on the Ambrosus network. The platform will function on an updated Ambrosus API. The system allows network applications to send information directly to the platform and in real-time. This data is verified and protected in the process. The mainnet will constantly update, and provide functions like the designation of asset identity, tracking storage and transportation, as well as assets’ temperature conditions. The system will cater to smart devices, and allow for decentralized applications (dApps) to be built on the Ambrosus network. As a result, users will be able to track assets and events throughout the network.
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