Blockchain “completely revolutionising the way we use our data”

While the potential of blockchain technology has been lauded for some time, 2018 finally saw the emergence of a number of verifiable real-world use cases

A key area has been the improvement of supply chain transparency and the traceability of goods, and blockchain’s ability to return control of data to its rightful owners – the people who create it to begin with. 

Coin Rivet spoke with Streamr and Ambrosus about an eventful, arguably landmark, year

Henri Pihkala, Founder and CEO of Streamr, an online marketplace for real-time data:

“Data is arguably the most valuable commodity in existence today. However, through centralised servers and data silos, existing mechanisms for data transaction are risky and lack dynamism. Blockchain is already completely revolutionising the way we use our data and in turn, who will benefit from the value placed on our personal information. Applying blockchain to existing industries and services can drastically enhance how they operate, chiefly by increasing trust and credibility.

In turn, this reduces the risks of data abuse or breaches that frequently occur in traditional organisations that rely on centralised servers. And what many people don’t realise is that this is not some futuristic fantasy, but a tangible technological solution that can be adopted today.”

Angel Versetti, Co-Founder and CEO, Ambrosus, a decentralised IoT network for quality assurance in goods and pharmaceutical supply chains:

Blockchain is a technology built for the purpose of providing transparency and decentralisation to how data is managed. In global supply chains, blockchain functions as an integrator of information from various stakeholders: what was originally fragmented information. Kept within the internal databases of each participant, this information is then converted into a coherent stream of data, capable of being configured for consumers, so as to increase trust in a particular brand or product.

At Ambrosus, we specialise in implementing blockchain into the supply chains of some of the most valuable and necessary food and pharmaceutical products around the globe. For Madagascar bourbon vanilla, high-quality Korean beef, organic coffee, and natural honey (among many others), we combine blockchain with specific smart sensors (Internet of Things devices) to digitally narrate how products move from farm to fork; cow to consumer, hive to home, etc.

Most often these solutions involve some form of radio-frequency identification (RFID) based tagging of the product itself or through the scanning of a QR code attached to a product’s package. In such instances, product-essential information such as its origin, quality grade, port of entry, and time in storage can be provided. However, for certain products such as Korean beef, temperature sensing devices and veterinary health certificates must also be integrated to demonstrate holistic quality assurance.

While each supply chain is different, the underlying goal of using a blockchain-based traceability solution is to turn disparate lakes of data into cognizant data flows for consumers, enterprises or governments to more easily manage and act upon.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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