We are regularly coming across exciting ventures that just like us are taking on traditional supply chain model. It is a field that is growing tremendously with new initiatives constantly coming up with innovative ways to tackle problems faced by supply chain management. Continuing with the trend of sharing our knowledge and insight we have showcased below some of the other projects that we believe shall disrupt supply chain management in the coming years.
Based in Singapore, the company was formed in 2015 with the aim of securing supply chain management ecosystems through asset digitization. Achieving this by allowing manufacturers to assign products with unique identities such as sensors or RFIDs that can record and broadcast information at every stage. Enabling supply chain partners and manufacturers to track the movement of products through their supply chain on a seamless platform that can handle 10,000 transactions per second. Even consumers shall be able to observe the supply chain a product has gone through before purchasing it. Consumers shall be able to check whether their 1932 Châteaux Margaux is authentic and from which vineyards the grapes originate and if any dubious companies were involved in the production. What sets them apart is that their blockchain solution is already being used by companies in the wine, luxury goods and agricultural sector.
Chronicled was founded in 2014, making it one of the older blockchain companies in the industry. The company seeks to ensure the authenticity of consumer products using smart tags that can be inserted in physical items and linked to the user’s smartphone. It has leveraged IoT and blockchain technology to power smart and secure supply chain solutions. Chronicled offers a blockchain led solution that secures IoT device data, identities and event logs on a smart contract based platform. Initially intended for the registration of shoes on a digital ledger they have now branched out towards pharmaceuticals, minerals and food. Focusing on the pharmaceutical supply chain they intend on developing a blockchain based system that complies with the Drug Supply Chain Security Act. Looking to create an interoperable system that addresses the industry’s data leakage and privacy concerns.
Founded in 2016, Modum is a Swiss based venture that is building a supply chain system that integrates Blockchain technology, sensory devices and smart contracts into a single, passive solution. It uses blockchain technology to enhance data integrity for physical products with the aim of increasing transparency and facilitating process automation. Modum’s solution records the conditions that physical products are exposed to from start to end of its delivery, ensuring data integrity and immutability. One of their biggest selling points is that they are blockchain agnostic meaning that their smart contracts can be used on any blockchain. Their primary area of focus is towards the pharmaceutical industry. Through IoT sensor devices they shall monitor a wide range of variables such as light, moisture, chemical exposure and specific levels of balance required. They have already partnered with a Swiss pharmaceutical company while testing their platform.
IOTA is a highly innovative initiative using unique distributed ledger technology to function in their words as “the backbone of IoT.” IOTA is seeking to be the standardised ledger of IoT and the machine economy. The IOTA network is distinguished from other blockchain networks in that it uses an architecture that permits machines to transmit data or make micropayments to other machines seamlessly. In essence IOTA plans on providing machines digital wallets. Creating a platform through which devices shall be in a position to earn and spend money on their own, turning machines into entities that can track revenues and expenditure from their own activities. Machines shall for example be able to identify when they require a replacement part and automatically order that part and pay for it directly through the platform. This is significant in that most other IoT applications usually only alert a worker when a replacement part is needed. IOTA could save companies time and money by heavily reducing the involvement of a human technician. This has been recognised by companies as Bosch plan on using this technology to harness the data produced by smart cities of the future.
Akasa Labs is an Indian blockchain company building solutions for global supply chain and trade. They have created a platform that allows parties across the global trade cycle to execute trade deals and share documents through a blockchain network. They shall achieve this by allocating digital profiles and tokenising paper documents. Securitising instruments and contracts like purchase orders and invoices. In turn creating a platform on which these instruments can be traded thus enabling financing for suppliers on the network thereby unlocking working capital in the manufacturing and logistics industry. As invoices and purchase orders can now be traded on a tightly integrated network to provide capital to small and medium sized businesses. Additionally, reducing reconciliation and payment settlement time from a typical 30-90 days to real time.
All the ventures above have great teams and products that are coming up with some interesting solutions to help transform the supply chain industry through the use of imagination and of course blockchain. Scaling a startup as one will know is an unglamorous process that takes significant amounts of time and coordination with no guarantee of success. But these companies have come up with innovative ideas and vision to tackle the various aspects of supply chain management.
We have not included ourselves, BriefTrace, in this landscape review, but we view ourselves as a key player. You can learn more about BriefTrace here.
Also available – The first part of the blockchain for supply chain lanscape review