Blockchain for Supply Chain Transparency & Traceability – Simardeep

How do you know that the coffee that you bought is actually Fair Trade How do you know which one is real? How do you know that this T-Shirt has not been made in a sweatshop with a simple tag added at the end You simply don’t In order for you to be certain you would need a record of all transaction and events of the life of an item. That would be possible with Blockchain What’s a blockchain? That’s a fancy word Blockchain is related to Bitcoin the cryptocurrency. Initially it was made for financial transactions but it is now revolutionizing the business world especially Supply Chain. It’s just like Google Sheets With regular transaction there is a middleman like the bank that registers this transaction. A centralized system like Microsoft Word but Bitcoin transactions are between user to user so when there’s a transaction that information is recorded on a shared ledger (or block) and these blocks are linked together to form a Blockchain like a shared Google doc. Transaction accuracy is driven by the fact that “consensus creates truth”. In a blockchain database every participant or node maintains a copy of the shared ledger Each transaction on the blockchain is recorded in computer code showing who the parties are, transaction details and time stamp with each containing a unique math based encrypted signature. This digital signature is key as it allows each block of information to be securely connected to all the rest. It’s this system of full transparency and connectedness that lends the Blockchain its trust and credibility. This connection provides an audit trail of every transaction that’s ever occurred in a system. So if there were an unauthorized change, each node is notified and we can see where it took place They then would agree to recognize the change as Valid…or ‘Rejected’. Again, transparency and consensus combine to make the Blockchain system virtually tamperproof Today in a supply chain data is stored in silos (like sharing Microsoft Word file) But with Blockchain your data will be stored publically or pseudo anonymously in a shared Data Base. Now with Blockchain you can track the chronological history of the organic cotton shirt that you bought You cannot temper or cheat because everyone using the system is WATCHING YOU! The Blockchain revolution isn’t going to happen overnight. But it is expected to change our lives like the wheel, the electric motor and the Internet itself! I believe that Blockchain would be the next Industrial Revolution!

34 thoughts on “Blockchain for Supply Chain Transparency & Traceability – Simardeep”

  1. I have no idea why you need a blockchain. Why not just have a public ledger that all supply chain participants can see and edit themselves? Plz help me understand!

  2. Hi Simardeep, we run am global import export business out of Switzerland, Swaye Capital Management. What is the best way to reach you? Wanted to discuss a few things.

  3. But the bitcoin transactions are anonymous, thats the whole foundation of bitcoin; their anonymity. Why would you associate bitcoin technology with the supply chain world and the tracing and tracking concept . Yes the blockchain technology I agree can be transparent but not bitcoin. Correct me if I am wrong..

  4. Great video! Big believer in blockchain's capacity to transform global supply chains. This article dives deeper into how that might happen

  5. Using the Word – Google Docs comparison to explain blockchain has some serious limitations, as both of these services are centralised.

  6. Who’s managing this shared database? And how big is this database as I can see you mentioned that every transaction related to everything sold or purchased will be recorded in a Blockchain

  7. @ Simardeep – Awesome Video, very well presented on how Supply Chain goes with BlockChain. We are working on similar ecosystem, need support & such innovative ideas to create video for our program. Appreciate if you could share your contact or feel free to reach out [email protected] or (+1) 409 234 5566

  8. I respectfully disagree: blockchain cannot be used in physical assets. Anyone can temper the physical asset and therefore blockchain's cryptographic features cannot be used to track them.

    Blockchain is just an implementation of a distributed ledger. A ledger is a necessary but not sufficient condition to track physical goods.

  9. Should block chain be needed to all supply chain management? If I'm buying a shirt I don't really see myself validating all info because it's time consuming. Imagine all plain t shirts have a record in the database, that's not cost-effective anymore. Online data storage is costly right? Hope you enlighten me with this, thanks.

  10. Loyela, a loyalty solutions platform built on Blockchain and AI, is launching its Alpha version soon! It provides one seamless platform to earn, manage and redeem all your loyalty and rewards points, which do not expire and can be exchanged. Join the discussion here:

  11. Greetings of the day,

    If you would be interested to know what is Blockchain and how it works and what Blockchain Technology can be used for, without getting into a deep technical abyss, this training is perfect for you. Sign Up Now

    #blockchaintraining #onlineblockchaintraining #blockchaintechnologytraining #blockchaintraininginstitute #blockchaintrainingcourse #blockchaintrainingindia #blockchaintrainingonline #blockchaintrainingchennai #blockchaintrainingbanglore #blockchaincertification #blockchaincertificateauthority #blockchaincertificationindia #blockchaincouncilcertification

  12. There is already a company implementing blockchain technology for the purpose of easier more transparent supply chains:
    They're called CargoX check them out!

  13. A company called CargoX is already implementing blockchain smart contract technology in the world of sea commerce.
    Check them out!

  14. New technologies are presenting promising opportunities for improvement across the supply chain. Using blockchain in the supply chain has the potential to improve supply chain transparency and traceability as well as reduce administrative costs.

  15. But the only way to record transactions on a blockchain is to use that blockchain's native currency right? The ledger will not update if one exchanges the product using dollar bills instead of say, btc. Thus, the blockchain ledger can become unreliable if all suppliers don't agree to use the same currency.

  16. Thanks to blockchain, not only large corporations will benefit from the digitalization of the supply chain but also startups and smaller companies. At edeXa we are building exactly that kind of platform to enable for any business to digitalize their supply chain.

  17. Have you heard about Beowulf? This is a new blockchain and seems like they are pretty serious with the project. You guys can read more info here:

Leave a Reply

Your email address will not be published. Required fields are marked *