BUSINESS | BLOCKCHAIN
Above: Systems such as IBM’s Blockchain World Wire aim to provide trusted “near real time” international payments
partner transparency, trusted data, and archiving. The new system gives companies the ability to monitor issues such as product temperature, humid- ity, and light exposure, which can affect many drugs, chemicals, and other sensitive or perishable goods. This information is then stored on the blockchain, along with the vehicles’ locations at every point. Meanwhile, in the meat supply chain, the Arc-net
initiative connects each step of pork product journeys using blockchain technology. This extends to encoding the DNA signature of each pig into the blockchain so the system can ensure that the same meat is being processed throughout the supply chain.
Blockchain is also being used in the diamond industry to authenticate the origin of each stone from a specific pit in a specific mine, and to then trace it all the way to the end customer. There are other indications that blockchain is changing the business landscape, according to the
August PwC report. For example, the concept of tokenisation is spreading to raw materials, finished goods, income-producing securities, membership rights, carbon offset trading, and even charitable donations. At the same time, initial coin offerings (ICOs), in which a company sells a predefined number of digital tokens to the public, are funnel- ling billions of dollars into blockchain platforms. ICOs raised $13.7bn in the first five months of 2018 alone, according to PwC. There are other potential advantages in the technology. “Using blockchain in concert with enterprise resource planning platforms will enable companies to streamline processes, facilitate data sharing, and improve data integrity,” said the PwC report. As a distributed, tamperproof ledger, a well- designed blockchain doesn’t just cut out interme- diaries, reduce cost, and increase speed and reach, it also offers greater transparency and traceability for many business processes, the firm said.
Securing transactions However, while such a blockchain validates data and eliminates the need for a central authority to approve and process transactions, cutting out that authority also removes the institutions important to ensuring market stability, combating fraud, and more. And that is a challenge to any long-estab- lished, risk-filled sector. Some organisations are working to ensure that centralised trust and block- chain are not mutually exclusive concepts by being in the vanguard of the change. In September 2018, for example, IBM officially launched its Blockchain World Wire (BWW) banking payments network. Blockchain World Wire uses the Stellar block-
Learn at Blockchain for Chemicals
Blockchain technology is much more than cryptocurrency – it holds the potential to redefine supply chains across industry. Blockchain for Chemicals is a two-day conference that will focus on application of this emerging technology in the chemicals and plastics industries. It will explain how it could be used in the future to demonstrate traceability of materials, save time with paperwork, prevent fraud and lost goods in transit, build trust in the supply chain, and provide the plastics/chemical industries with a new tool for growth. Taking place at the Sofitel Kur-
68
fürstendamm in Berlin, Germany, on 12-13 December 2018, the event will bring together industry leaders to discuss the opportunities for the chemicals industry and to explain how early adopters can save time and money for their businesses through fast and secure access to end-to-end supply chain information. The conference will be chaired by Chris Middleton, an expert author and journalist covering blockchain technology and application. Other key participants include: Peter Busch, Mobililty Lead Distributed Ledger Technologies at Robert Bosch in
COMPOUNDING WORLD | September 2018
Germany; Heinz Lux, Senior Digital Strategist at Evonik Industries in Germany; Rafael Cayuela, Chief Economist at Dow Europe in Switzer- land; Nicolas Buhmann, Commercial Manager at Maersk in Denmark; and Dr Stefan Guertzgen, Global Senior Director Industry Marketing and Communication for Chemicals at SAP in Germany. For information about attending the event, taking an exhibition space, or sponsoring the conference, visit the conference website or contact Grace Midgley. Tel: +44 (0) 117 314 8111;
grace.midgley@ami.international.
www.compoundingworld.com
PHOTO: SHUTTERSTOCK
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