BUSINESS | BLOCKCHAIN
Right: The
development of smart cities is paving the way for real time data collection to create
permanent and inviolable records
transaction, the system is designed to be resistant to tampering and modification. Typically, blockchains work using the processing
and mirroring power of distributed/peer-to-peer computing systems, which is both the technology’s advantage and, some argue, its inherent problem, because it replaces trust with networked complexity. Theoretically, tampering with any one record
creates a ledger entry that differs to all of the verified copies across the network. This is why blockchain’s proponents believe it could become the foundation of a new data commons, challenging the concept of proprietary data and data landlords. The disadvantage is that this type of distributed processing is typically slower and more resource intensive than others. And that means that the cost of every transaction is higher and uses more energy. Most blockchains are either public/permission-
Below:
Blockchain technology provides a mean to track, monitor and record
condition of goods at every point in the supply chain
less – meaning anyone can join or add their process- ing power – or private/permissioned. The latter demands that someone’s identity can be verified before they are allowed onto the closed system. Linked with blockchain are the concepts of digital tokens and cryptocurrencies. Indeed, the technology was developed as a decentralised computing model to support cryptocurrencies and verify transactions. On some distributed, block- chain-supported systems, digital tokens are exchanged for work/processing and may represent an asset of any kind – that could include plastics, chemicals and compounding or mixing services.
The big attraction The concept of an immutable system of record makes blockchain attractive for many applications that demand verification and authentication, which is why use cases are fast developing in supply chain management, logistics, transport, manufac- turing, financial services, publishing, intellectual
property, contracting, legal services, and more. And in an increasingly interconnected world of
smart things – from smart, connected cities, trans- port networks, factories, industrial installations, offices, and homes, to smart trucks, shipping containers, delivery boxes, and even sensor-filled labels on perishable goods – the idea of an inviola- ble system of record, together with smart contracts and automated payments, is even more attractive. Blockchain is making its presence felt in all of
these areas, because of the Internet of Things (IoT), the same technology, incidentally, driving interest in Industry 4.0 manufacturing management systems. Imagine a supply chain for sensitive, fragile, and/or perishable goods on which they could be authenti- cated at source and throughout the chain, shipped in ideal conditions, and delivered safely, on time, to the correct recipient. Each stage of that process could be logged and stored on an immutable ledger, with payments made automatically if and when all conditions are satisfied. That’s the promise of blockchain in the chemicals sector – and in others that face similar challenges.
Blockchain realities So how does blockchain look in practice? In March IoT supply chain specialist Brieftrace developed a blockchain solution to transform the way that pharmaceutical companies track their assets and perishable goods, allowing them to ensure that they are being handled correctly and delivered safely. The firm teamed up with transport and logistics company DSV on a pilot programme that deploys blockchain-connected tracking and sensing devices to monitor shipments. The pilot is based on the Traceum blockchain, which facilitates smart con- tracts, fiat currency transactions (currencies backed by a government as legal tender, rather than by a commodity such as gold), fixed transaction fees,
56 INJECTION WORLD | October 2018
www.injectionworld.com
PHOTO: SHUTTERSTOCK
PHOTO: SHUTTERSTOCK
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