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Like high-powered combo-drugs, the combination of blockchain and IoT can drive new business and new efficiency.
Counterfeit and bootlegged products. Falsified data. Incorrect storage conditions. The risks to modern supply chains are ongoing and complex. In addition, innovations such as 3-D printing and deeply personalized consumer products demand new logistical models. As emerging technologies enable a fluid global marketplace for goods and services, they also introduce new challenges for getting the right products to the right place—quickly, economically and securely. Supply chain-related crimes and disruptions cost companies billions of dollars annually across the globe
Simplified Compliance, Flexible Shipping
An interesting byproduct of this IoT-blockchain architecture is that it can also simplify regulatory compliance, trade finance and even, over time, the mechanics for B2B payments.
As data from various aspects of the product lifecycle gets logged into the blockchain, the network’s participants—such as regulatory bodies, trading partners, banks and insurance companies—can have access to the same version of digitally signed, cross-verified, tamper-resistant data. This architecture makes multiparty verifications (such as change of ownership and change of custody) easier and further optimizes business processes.
Anant Kadiyala (@akadiyala) is director of blockchain and IoT industry solutions at Oracle.
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