Blockchain Working on a Supply Chain Gang
For most people, when they hear the word “Blockchain”; they immediately think of people jumping from tall buildings on Wall St. as their Bitcoin and Crypto-currecy portfolios once again tank and lose 30% of their value. Not as many people (actually a really really small percentage of people), might think instead of Supply Chain Management and many of those people are ScreamingBox developers.
In recent years, Blockchain chain technology has started moving into other applications besides that of crypto-currencies, such as tracking materials, change of ownership, contracts, identification, data security, compliance and legal processes.
The reason Blockchain technology is finding so many new applications, is because a “BlockChain” is kind of like a clear piggy bank that certain people can put things into it; and those people can see what’s in it and who put things in it, but nobody can open it and change it.
A blockchain vault is a secure cloud based ledger, that only certain people and access in order to log a transaction, or view the transaction, but they can’t alter the transactions made by them or others.
It is these characteristics that make Blockchain such a valuable tool for Supply Chain Management, because it is a portable ledger that keeps track of all material and processing transactions, so that a final product has a complete and trusted record of everything that has happened as it traveled through the supply chain. It is this aspect that makes it so valuable for Supply Chain Management.
ScreamingBox is a bunch of Blockchain Heads
ScreamingBox developers and business analysts have a full range of Blockchain experience and have a complete understanding of the blockchain tech stack and possible applications, especially for Supply Chain Management..
ScreamingBox is able to provide consulting services to help clients understand how blockchain technologies can be applied to various business challenges, and how best to design and develop cost-effective and profit increasing blockchain solutions for Supply Chain Management.Blockchain has many uses and applications, but we feel that many SMB’s and Enterprise size businesses can quickly and cost-effectively realize many benefits by applying blockchain technology to their Supply Chain Management processes and systems.
Screaming Box’s blockchain experience allows us the ability to offer businesses a Supply Chain development program that can increase productivity, compliance and quality, while lowering costs, fraud abuse and liability.In addition to Supply Chain Management, blockchain technology can also help businesses address challenges such as:
■ Asset Management
■ Trade Processing and Settlement
■ Insurance Claims processing
■ Automotive Diagnostics
■ Smart Appliances
■ Music and Digital Rights
■ Government Compliance
■ Vested Responsibility
■ Escrow Process
■ Passports and Other Personal Identification
■ Fraud Detection
Achieving Supply Chain Transparency for Gold Mining
Few industries in the USA have a more complex supply chain than gold-mining. Every single piece of gold that passes through a financial institution must undergo a “background check”, whereby the source and supply chain of the gold is verified according to regulatory standards. Every participant in the supply chain—including mines, refineries, and logistics providers—must adhere to certification standards, otherwise the value of a bar of gold cannot be confirmed.
As you can imagine, this process presents a massive logistical problem for financial institutions. For example, when a gold bar is presented to a bank as collateral for a loan, there is no easy, cost-effective method available to verify the origin and authenticity of the metal. Banks must then rely on expensive independent arbiters to verify the value, drastically impacting the profitability of such transactions. These expensive manual processes also leave buyers and sellers open to fraud and security vulnerabilities across the supply chain.
Down In The Gold Mine
Building on the success of Blockchain in the jewelry and medical implant industries, ScreamingBox developers are revolutionizing gold mining supply chain transparency with a fully integrated solution. However, the gold mining industry presents several unique challenges:
● A gold mine typically produces large blocks of unrefined gold—known as ingots—at the onset.
● These large blocks are then passed along to separate refineries for cleaning, sorting, and distillation.
● Several refineries and distributors might extract many different smaller chunks of gold out of these initial blocks before they wind up on trading floors, creating a nightmare for supply chain transparency.
● Tracking gold during each step of this complicated process is difficult and expensive.
It’s with these challenges in mind that ScreamingBox developers worked to create a custom cross-platform (web and mobile) application built on the Ethereum private Blockchain network for one of our clients, and then we were able to make the base for that app as a product base we can use for any Supply Chain client.
This App was initially designed to make tracking and verifying gold (and other raw materials) very easy across the entire supply chain lifecycle. From smelting to processing, shipping, and trading, our developers used Blockchain technology to ensure compliance, security, and transparency for both suppliers and end-users.
Using an Ethereum database and smart contracts as the cornerstone, our App applies a unique identifier to each raw ingot of gold. From there, as the initial source material is distilled into smaller pieces, stakeholders can track each individual chunk of gold throughout the entire distribution process. With exponentially greater security than traditional inventory and shipment tracking systems, this Blockchain-based solution allows for total transparency during every stage of the gold lifecycle.
Our Supply Chain App is a base that we can work with for any type of Supply Chain application, which allows us to lower the development cost while providing a full feature set and custom development tailored to any business and industry.
Four different permission roles
The App allows for several different levels of access, from back office administrative roles to site managers, operators, and Superadmins.
Web and mobile applications
The proprietary software allows a client’s company and site managers to access inventory and shipment information without having direct access to physical gold. Shipment and logistics partners can implement tracking systems through the easy to use mobile application. Confidentiality and security data and traffic are encrypted with best-in-class Blockchain technology. Stakeholders can grant access to relevant information for individuals and companies based on business needs.
The App enables you to define and monitor the entire gold production and delivery lifecycle via Smart Contracts.
The Future of Blockchain-Based Supply Chain Transparency
With a Minimum-Viable-Product receiving approval and investment from the National Mining Association, the applications for Blockchain-based supply chain monitoring are endless. Our Supply Chain App allows suppliers, purchasers, and end-users to source, buy, and sell gold with confidence, ensuring the product meets both ethical and quality-control standards. Replacing manual paperwork with automated digital processes, every change of custody is transparent and secure.
Gold mining is just the beginning. With a vast array of experienced frontend and backend developers well-versed in Blockchain technology, ScreamingBox is poised to take advantage of this exciting opportunity like few in the industry are. Combining a wealth of knowledge in backend technologies like nodeJS, React, python, and PHP with advanced understanding of Blockchain frameworks like Ethereum and Hyperledger, ScreamingBox can create custom Blockchain solutions for a wide variety of applications. From physical good like precious metals, jewelry, raw materials, and medicine, to information and data-based businesses, the use-cases for Autilla are nearly unlimited.
For more information about how Blockchain technology can help your business achieve greater transparency and flexibility, contact ScreamingBox today.