How Blockchain Tech Is Solving Problems In The Supply Chain Sector - Forbes

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• How Blockchain Tech Is Solving Problems In The Supply Chain Sector - Forbes
• Will 2020 be the year blockchain overcomes its hype? - World Economic Forum
• Whatever happened to blockchain? - MoneyWeek
• Why you're likely to keep hearing about utilities and blockchain in 2020 - Energy News Network
• Guangdong Blockchain Financing Platform Aims to Help Small Business - Coindesk

How Blockchain Tech Is Solving Problems In The Supply Chain Sector - Forbes Posted: 02 Jan 2020 04:33 AM PST Photo: Getty As any supply chain professional will attest, it is an industry challenged with massive amounts of data and enormous complexity. Information is often siloed, hard to access, inconsistently formatted or difficult to analyze. Thinking about driving change in an industry like this could be overwhelming, but the silver lining is that even the most basic applications of blockchain technology could significantly increase productivity and profitability. With widespread use cases throughout the finance industry, the potential impact of blockchain in procurement and supply chain management is beginning to get more attention. Given its inextricable tie to a company's bottom line, supply chain efficiency — or lack thereof — is a performance measure that can't be ignored. And as new use cases are discovered, organizations are realizing blockchain's untapped potential to tackle long-standing issues around efficiency, information sharing and traceability. Efficiency: Increasing Automation Through Smart Contracts Large, complex datasets are business as usual for supply chain professionals. Especially for lower-tier suppliers, this can mean massive bottlenecks and delays. Enter smart contracts, which are essentially pieces of code that sit within an individual block on a blockchain and automate actions once certain conditions are met. This defines rules around a transaction and automatically enforces any obligations. Applied to supply chain management, blockchain could allow organizations to create tamper-proof smart contracts that automatically implement terms of multiparty agreements. Leveraging smart contracts could streamline and automate anything from purchase orders and shipping notifications to inventory management and reporting. According to a Business Insider report (via BeInCrypto), Coke One North America (CONA), the IT firm behind Coca-Cola's bottle manufacturing supply chain processes, partnered with a German software provider whose blockchain-enabled system "allows Coca-Cola franchises to identify whether another franchise can help to fulfill an order without revealing proprietary information about their clients and order volume." CONA expects to reduce order reconciliation from weeks to just days. Coca-Cola's biggest rival, PepsiCo, ran its own blockchain pilot, Project Proton, and used smart contracts to automate part of its programmatic ads supply chain, leading to a 28% boost in efficiency. Integrating smart contracts for automation isn't without its challenges. In addition to external factors such as regulatory issues, increased automation can require changing the company's internal processes and policies significantly — and most executives will agree that managing change effectively can be difficult for even the most innovative organizations. With this in mind, companies interested in implementing blockchain technology should start small. Begin with a pilot, and test, learn and expand from there. Information Sharing: Breaking Down Silos With Blockchain Most companies would agree that access to information is important, but in supply chain management, information flow is critical. With supply chains having an increasingly strategic role, siloed information doesn't just create inefficiencies, but can expose the organization to significant risk. Blockchain solutions can make it easier for the right people to access mission-critical data and improve the flow of information both within an organization and among stakeholders. The pharmaceutical industry is one of the world's few trillion-dollar verticals, expected to hit $1.5 trillion in 2023. Greater transparency within the pharmaceutical supply chain could be groundbreaking, as the industry has had to grapple with counterfeiting, return fraud and other challenges stemming from siloed data and regulatory requirements. MediConnect established a blockchain platform to provide a single source of prescription data for all pharmacies, allowing U.K. healthcare professionals to access up-to-date records of their patients' prescription histories and helping to cut down on the overuse of prescription medication. Traceability: Tracking The Production And Procurement Process With blockchain technology, information at each step of the supply chain process is logged in a secure and public database, which none of the parties involved can modify without it becoming immediately apparent to others. Should something go wrong during the shipping process, the chain of custody can be traced to easily discover when and where the issue occurred. Detailed tracking allows more transparency around the production of retail products or the sourcing of resources such as coal, oil or gold. In addition to adding an extra layer of accountability, this also mitigates the risks of criminal activity. The IBM Food Trust platform partnered with Raw Seafoods in October to bring blockchain-based traceability to the seafood supply chain after an Oceana investigation found that 21% of tested seafood was mislabeled. In cooperation with stakeholders such as fisheries, distributors and restaurants, initiatives like this will be tackling one of the biggest issues within the food supply chain sector. The supply chain sector is also seeing an increased demand for information from consumers who simply want to know more about the production, shipping or preparation of the products they are buying. Starbucks is working with Microsoft to harness its Azure Blockchain Service in bringing digital, real-time traceability so customers can know more about their coffee beans. This not only empowers farmers with more information and visibility about where their beans are ending up, but also lets consumers see the impact their coffee purchase has on the people behind the scenes. Leveraging blockchain won't solve every problem supply chain professionals face. For a blockchain-based solution to be valuable, it needs to scale and have a large group of active users. The network effect particularly impacts blockchain applications in the supply chain space given that so many different entities are involved. A lack of agreed-upon standards and a shortage of technical talent are also barriers that this sector will face in adopting blockchain technology. Despite these challenges, there is a lot of potential. Moving toward greater decentralization, transparency and immutability will let the industry address huge challenges that previously seemed impossible to solve. From chemicals to consumer packaged goods, from pharmaceutical applications to the hospitality sector, procurement professionals and their respective organizations have a lot to gain from exploring and experimenting with blockchain solutions.

Will 2020 be the year blockchain overcomes its hype? - World Economic Forum Posted: 02 Jan 2020 05:44 AM PST In 2019, the focus on blockchain shifted from hype to quality. In 2020, there is an opportunity for blockchain to have a social impact. But projects will only succeed if there is adequate governance and a collaborative approach. Another year has rolled on by, and while many things in the blockchain space have changed, a lot remains the same. 2019 saw a continued cooling of indiscriminate funding and a renewed focus on quality over hype. In addition, we've seen the acknowledgement by some big names, including Facebook and the other Libra Association members, and even a few central banks, that blockchain technology, and digital currency, are truly exciting innovations that just need a bit more experimentation to stick. At the World Economic Forum, we're keen to ensure that greater blockchain adoption, which we deem inevitable, happens in ways that support inclusion and avoid replicating the consolidation of power that currently exists, particularly in the financial system. In addition, we remain focused on rationalizing this technology across sectors and publicizing our learnings in an effort to guide the public sector and civil society knowledge, funding, and robust experiments. Image: Image: Statista To go far, go together Last year, we saw less of established actors pitching competitors on unilateral projects. Instead, we saw either totally internal initiatives or creative attempts at consortium building (for example, Food Trust, Tradelens, INATBA, Libra), with varying degrees of success. Companies are waking up to the idea that to go far, they ought to go together. (As an example, the Forum recently launched a consortium to explore the use of blockchain technology in the mining and metals sector, where a collaborative approach would have been hard to imagine even a few years ago). We expect to see a similar collaborative approach from the public sector as 2020 progresses, and in fact, the Forum has already seen an increased willingness on the part of public sector agencies to share learnings and challenges. (An example is our Central Banks Digital Currency project, which has brought together more than 45 Central Banks to explore parameters for successful deployment of a CBDC. Our CBDC Policymaker Toolkit, co-created with over 45 Central Banks, will launch in Davos at our Annual Meeting.) Devil in the details The term "governance" used to cause immediate recoil among even blockchain enthusiasts. But 2019 saw a gradual recognition (or perhaps resignation) that governance is a feature that drives adoption. Of course, as Facebook learned, the promise or potential for good governance is not enough; the devil is in the details, and 2019 saw laypeople diving deep into the specifics of operations, business models, and legal structures in an effort to assess risk. That was also reflected in regulators' investigations in the 2017-2018 slate of ICOs, exemplifying the importance of specifics (despite the lack of clarity that continues to cloud the regulatory space globally). Social impact At the Forum, we're focused on bringing together stakeholders to pilot policy projects focused on social impact. The social impact space continues in an ongoing, and frustrating, attempt to remedy complex societal problems with technical solutions. Our view, which is informed by the previous generation of tech experimentation, is that technology alone simply cannot adequately address social challenges, and that accompanying policy is essential to ensure that a blockchain, or really any technology, is deployed in a way that addresses its limitations. Celo, a payments startup, is a good example of a team that understands cultural and social realities and its baking that learning into its user experience. Another example is AZA Group (aka Bitpesa), with its deep knowledge of frontier markets, particularly in Africa. In a similar vein, our government transparency project, which focuses on aligning civic engagement with a blockchain deployment designed to reduce corruption in public procurement, will pilot in Colombia in early 2020 and looks to develop local talent needed to maintain deployment over time and avoid vendor dependency. We are seeing increased understanding that blockchain technology is not exempt from the need for robust understanding of context. This is a welcome change from the insanity of 2018, when merely adding the word "blockchain" to a pitch was enough to claim authenticity. Of course, there is still a long way to go. The reality is that the most transformative applications of blockchain technology are arguably best-suited to the most challenging contexts (for example, "banking the unbanked" is a deeply complex problem that can't be solved by simply rolling out a token), and we are still a long way from realizing the true potential of this technology in the social impact space. Whither 2020? This year, we expect to see increased experimentation with hybrid blockchain models, both in the financial sector (for example, decentralized finance or DeFi and "synthetic" CBDCs) and the public sector (increased use of smart contracts). These are a great way to increase comfort with the technology. We are not close to realizing the promise of truly decentralized systems, but the space continues to evolve in exciting new ways, and it's just a matter of time before something huge gains traction. This article originally appeared on CoinDesk. License and Republishing World Economic Forum articles may be republished in accordance with our Terms of Use. Written by Sheila Warren, Head of Blockchain and Distributed Ledger Technology, World Economic Forum The views expressed in this article are those of the author alone and not the World Economic Forum.

Whatever happened to blockchain? - MoneyWeek Posted: 02 Jan 2020 12:50 AM PST China's Xi Jinping deems blockchain a "core technology" Not long ago investors were getting hyped up about blockchain. Then they dropped it. But they should take another look, says Ben Judge. Just a few years ago, blockchain – also called digital ledger technology (DLT) – was the next big thing. It was going to transform every facet of our lives, including the entire global payment system; back-end office systems; and supply chains from beginning to end. The hype was immense. Every spivvy entrepreneur and their dog set up a company that somehow had its value inflated by some version or other of blockchain. Some didn't even bother coming up with a blockchain business. They just slotted "blockchain" into their name and watched the share price shoot up. The Long Island Iced Tea Corp., which notoriously became the Long Blockchain Corp., immediately enjoyed a share price surge of 458%. What exactly is this technology? At its simplest, blockchain is a ledger: a way of storing and manipulating information, like a spreadsheet or database. Crucially, though, where a normal database is a single, centrally controlled entity, a blockchain is a public "distributed ledger". Each computer that has access to the chain has its own copy. It is literally a chain of blocks of information. As a new piece of information is added to the ledger, it creates a new block in the chain. The block stores the information, but also who added the information and who has access to it. Once a block has been added and verified, it is given a "hash" – a unique, immutable code that identifies that transaction. You cannot go back and change any of the information stored. Any changes are recorded as new blocks in the chain with a record of who has done what. Another unique feature of blockchain is its ability to use "smart contracts". A smart contract is computer code stored on the chain that can execute transactions between parties once certain conditions have been met: for example, to automatically transfer the ownership of property once funds have cleared; to release funds to a supplier once goods are confirmed as having arrived; or to impose financial penalties if certain conditions are not met. All of this is "permissionless" – it can be done with no need for someone to provide access. It is all coded into the blockchain when the agreement is initially drawn up. And it is this security, and the fact that all parties have access to the information so that there is no need for a middleman, that makes blockchains so useful. In situations where multiple parties need to access and update data in the knowledge that it is secure and cannot be tampered with, and where intermediaries can be eliminated, a blockchain system is an ideal solution, according to IBM, which employs more than 1,000 people on blockchain products. It is making its blockchain platform available to other organisations that want to create their own versions. The blockchain hype of recent years went hand in hand with the meteoric rise of bitcoin, whose price peaked at almost $20,000 this time two years ago only to come crashing down in the subsequent months. Blockchain was, after all, created to track ownership and transactions of the digital currency. Now, however, it all seems to have gone quiet. Many of the promised fabulous enhancements to our lives have yet to happen. Other digital currencies launched to cash in on blockchain have withered away. People are now asking whether blockchain was all just a load of hype. Is that true? Slowly but surely gaining ground Blockchain is still here and is slowly but surely gaining ground rather than disrupting everything in one fell swoop. Big business is quietly adopting this technology to do the things it's good at: settling transactions, recording ownership and verifying identities, for example. It may not be a purist's idea of what blockchain should be – a public, permissionless ledger open to all. Instead, what we are seeing are private, permissioned blockchains. That means that, unlike public blockchains such as bitcoin, only certain users with the appropriate privileges can add blocks to the chain. The technology is following the classic example of "hype cycle" first observed by research firm Gartner. It consists of five key phases. A new technology is developed and enters the "trigger" phase. Publicity explodes and everyone wants a piece of the action; the cycle enters the "peak of inflated expectations". That was the bitcoin peak that prompted chancers to launch new cryptocurrencies. Then, when the technology doesn't seem to change everyone's lives as promised by the early adopters, we enter the "trough of disillusionment". Investors lose interest. But then, after a while, people find uses for the new technology and we begin to climb the "slope of enlightenment". Then comes the "plateau of productivity". With blockchain we're just past the "trough of disillusionment", having risen over the peak of inflated expectations and we're now in the foothills of the slope of enlightenment. Big business is adapting to blockchain There have been flops. Insurance giant Axa trialled a blockchain-based flight insurance product called Fizzy. It used smart contracts to pay out automatically if your flight was delayed. But just the other week it decided to shelve it. And some projects have had a rather longer gestation than was originally envisaged. The Australian Securities Exchange ASX has been planning to replace its clearing system with a blockchain-based system. It has been in development since 2015; the latest estimate for its deployment is spring 2021. Australia is not the only exchange looking at using DLT. Shanghai, Hong Kong and New York are interested too. As Joshua Oliver noted in the Financial Times a year ago: "Worldwide, three quarters of the financial market infrastructure operators surveyed by Nasdaq and Celent are working on DLT pilots or already using DLT". "Enterprise" blockchain is now most definitely a thing, having moved from proof of concept to real-world applications. Big business has bought in. Along with IBM's platform, other big enthusiasts include Amazon and Oracle. Amazon's clients include management consultants Accenture, AT&T and Guardian Life Insurance. Oracle's clients include a Jordanian investment bank using blockchain to facilitate cross-border payments; a healthcare technology company providing a network for healthcare organisations to share data and processes securely; and a brewer tracking its supply chain. Much of the activity is in financial services. One high-profile trading platform is we.trade, set up by a consortium of big banks including HSBC, Societe Generale and UBS. It allows small and medium-sized businesses to guarantee and process transactions digitally, cutting down on paperwork and speeding up trades. Another area where DLT is useful is in identity verification. In Canada, Verified.Me is a system that has been developed between government agencies and private companies. Customers of five banks including Royal Bank of Canada and Scotiabank can now verify their identities using blockchain technology. But it is in supply-chain management that it is really proving itself. Last year, IBM launched its Food Trust platform, a blockchain-based system for tracking the supply chain of food. It was originally trialled by Walmart, but is now being used commercially by, among others, Nestlé, Carrefour, and Unilever, says Forbes. Walmart Canada has now developed its own system with DLT Labs, a Canadian blockchain developer, for tracking deliveries, verifying transactions and automating payments among suppliers to its 400 retail stores. Shipping giant Maersk developed the TradeLens supply chain platform with IBM, to track cargo around the world. Maersk now wants to monetise the platform and it has recently been joined by Hapag-Lloyd and Ocean Network Express of Singapore. What is China planning? But perhaps the most fervent adopter of blockchain technology recently is China. President Xi Jinping recently praised blockchain as a "core technology" and called for more support and investment. China's tech-focused shares surged. Over 500 new projects have been registered with the Cyberspace Administration of China. China's big tech companies are involved, says Jane Cai in the South China Morning Post, and there are "dozens of government-led initiatives and schemes, in areas ranging from communications to land development". It is somewhat ironic given the technology's libertarian origins. "China is now pushing toward global blockchain dominance," says Kevin Werbach in Wired. That's something that should get the rest of the world – and especially the US – worried, says Biser Dimitrov on Forbes.com. "Having a superior blockchain technology will give China an enormous trading opportunity with the emerging technology markets." And then there's the spectre of a digital renminbi. A digital currency controlled by the People's Bank of China has the potential to usurp the dollar as a global currency. While blockchain in the West is mainly business-driven, China is adopting it to strengthen its grip on its population. Mu Rongping, director of the innovation and development research centre at the Chinese Academy of Sciences, told Cai that "The potential is huge for the use of new technologies, such as in areas of public security, public transport, crime investigation and anti-corruption campaigns… Blockchain could open a new chapter on the integration of governance and technology". Rather than fulfilling its original imperative of shifting power away from centralised authority, it could actually help China's government cement it. Still, what is clear is that, for good or ill, blockchain is no longer the brash shouty new kid on the block; it's maturing. Slowly but surely distributed ledger technology is integrating itself with public and private systems. It's here to stay.

Why you're likely to keep hearing about utilities and blockchain in 2020 - Energy News Network Posted: 02 Jan 2020 02:59 AM PST Creative Commons Blockchain, a record-keeping system made up of digital "blocks" that are chained together, is appealing to utilities for its security potential, among other uses. Utilities continue to test promising uses for the digital ledger software despite caution and lack of widespread knowledge. Blockchain has been a rising concept in the energy space in recent years, as more utilities announce pilots and partnerships with tech companies. Several new projects were announced in 2019, and that number will likely grow in 2020. Utilities throughout the country are trying to figure out how the software can help them secure their operations as new customer-owned generation resources come on the grid, and in the future, blockchain could play an important role in enabling energy exchanges between customers in "transactive energy" marketplaces. But many in the industry still have questions about how the technology works, why they should use it and whether it has as much potential on the grid as some supporters say. A lot of this research is just ramping up, and the next few years will be important for finding a clear path forward. Here are a few questions answered about the technology and how it might be used in the utility sector. Blockchain 101 "Blockchain is almost more of an umbrella term or a category" than a specific item used across the board, said John de Villier, an analyst at Navigant Research who recently wrote a report on the topic. "There's almost nothing you can say about one implementation of the technology that's going to be true for all of them." Broadly, blockchain software is a digital record-keeping system that can be used for anything from tracking transactions, like trading renewable energy certificates, to data about equipment as it travels through the supply chain. It's also becoming popular as a potential way to track energy exchanges in transactive energy marketplaces: situations (mostly in the future at this point) where customers can buy and sell energy from each other — for example, a person might buy excess capacity from their neighbor's battery. The idea of blockchain is that digital "blocks" are chained together. If one link is missing, the chain breaks. In the renewable certificate scenario, transactions with the certificate are grouped into blocks. For transactive energy, each device or person in the system could be considered a block: If two neighbors were to exchange energy, they'd both need to approve the transaction to keep the chain together. If 50 people were involved, each of them would need to approve. Why are utilities interested in blockchain? Aside from its usefulness as a record-keeping tool, blockchain is appealing to utilities for its security potential. When it's used to track renewable energy certificates, for example, the certificate's progression, from creation to trading to retirement, is recorded in the ledger, which is replicated across many independent computers. If a hacker were to enter the system to change information about the certificate's history, the attack would only affect one of those computers, leaving the overall system intact and alerting the entire network to the change. As transactive energy becomes more common and energy exchanges happen more frequently throughout the grid, it will be difficult for utilities to monitor everything that's happening at any given time. Blockchain could offer an added level of security. But for the moment, the technology is still new and there aren't many examples for utilities to follow. Interest is high, but so is uncertainty. One resource utilities have to learn more is the Utility Blockchain Interest Group, a project by Hannah Davis, an engineer and scientist at the Electric Power Research Institute. "We started hearing more and more about blockchain, and it was a really hyped up, buzzed up word," Davis said, so she started the group in mid-2018 to help utility stakeholders discuss their experiences with the technology. The group currently has 60 utility participants who take part in the forum to learn how others have used the software, whether they've engaged with startups, and whether they've found advantages, Davis said. "The goal is to continue to accelerate this learning around blockchain," she said. How are utilities using blockchain so far? Blockchain has potential in several areas of utility operations, and those opportunities are likely to increase. In Illinois, for example, utility ComEd is using blockchain to track simulated exchanges of energy between resources, like solar and storage, on two microgrids. A Sacramento utility is using it to award "tokens" to drivers who charge their electric cars at times when there is excess solar generation. Those tokens, which customers can access through an online dashboard, can be used to make purchases at participating stores. Both of these projects are steps toward transactive energy marketplaces. But while transactive energy may be a promising application for blockchain in the future, technology and regulations aren't yet ready for true, full-scale marketplaces. For now, some industry members view blockchain as a valuable way to monitor and secure existing grid operations, demonstrating its potential in preparation for more advanced capabilities. One of the reasons the technology is ideal for tracking renewable energy certificates is that those certificates already have a market, said de Villier. Blockchain in this case isn't creating something that doesn't exist. Implementing it in these easier use cases can help build trust for the future, he said. What's holding back broader use? Davis helped conduct a survey of 15 U.S. and European utilities and one regional grid operator to gather insight into utility experiences with blockchain so far. The main barriers to further adoption, she said, "were either skepticism or lack of demonstrable success with pilots." Those pilots will be important to demonstrate blockchain's effectiveness, she said. Beyond that, education on the technology will be key at all levels of the utility, from engineers to executives. And as projects involve customers more, those customers will also need to learn about it. Utility stakeholders expressed concerns over cost too, Davis said. This is another aspect that's difficult to pinpoint, since there are so many different uses for blockchain and costs can vary. Navigant's research shows that at least 228 blockchain pilots have been implemented around the world, with $700 million in investments from utilities and other stakeholders. De Villier predicts utilities will partner with software developers rather than build their own technology. Doing so could save utilities money. Where do experts predict it will go? While there's no authoritative list of current utility blockchain applications, Davis said one of her group's goals for the next year is to track these projects. Navigant has been tracking blockchain vendors and utility projects since 2016 and currently has a database of more than 200 each. Vendors who partner with utilities tend to show more success than those who don't, de Villier noted in a September blog post on Energy Central. Blockchain has gotten a lot of hype in the last few years, Davis said. Now, stakeholders want to figure out realistically what they'll use this technology for. "I'm not sure if it's the only answer," she said, "but I think we're at a point right now where we need to understand the value of blockchain." About David Thill David has written on health, science and the environment for various outlets, including World Wildlife Fund and the Chicago newspaper Windy City Times. Based in Chicago, he has reported on topics including the city's opioid epidemic, bird research at the Field Museum, and LGBT youth in foster care. He covers Illinois' smart grid for Midwest Energy News. Related News

Guangdong Blockchain Financing Platform Aims to Help Small Business - Coindesk Posted: 02 Jan 2020 11:33 AM PST The Guangdong government launched a blockchain-based financing platform Thursday that will help small companies in the region receive loans faster from commercial banks.  The government-led project is supported by Alibaba's fintech arm Ant Financial and OneConnect, a subsidiary of one of the largest Chinese insurers, Ping An Insurance, according to a media report from Sina Finance.  The platform aims to streamline the process for commercial banks to lend funds to small businesses with more detailed and reliable profiles, including credit ratings, provided by its blockchain network.  The new platform could be the result of a government initiative launched in July to create a blockchain financing platform to connect with nearby Hong Kong and Macao to help small businesses get loans easier, according to the report. Ant Financial announced in November plans to test its blockchain network, Ant Blockchain Open Alliance, to support startups, and OneConnect filed a $468 million initial public offering in the U.S. in the same month.   The new platform creates credit ratings for small and medium businesses based on their financial and administrative information via a blockchain network of 26 government agencies such as the State Administration for Industry and Commerce.  "Borrowing money from commercial banks for small companies has been slow and expensive," Xiaojun He, the director of Guangdong Local Financial Regulatory Bureau, said in the report. With the platform, small businesses will be able to use their intellectual property and export-import trading records to apply for funds from commercial banks, which is impossible under the status quo, according to the report. It can also match companies with 319 financial products depending on their financial situations.   According to the report, the platform has collected information from more than 11 million companies as well as 129 financial institutions. It has processed three transactions between local technology startups and commercial banks including the Industrial Commerce Bank of China, China Construction Bank and Ping An Bank.  Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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