Future of supply chain management is Bitcoin SV

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Supply chain management has greatly evolved with time, with new technology introducing efficiency, speed and cost effectiveness to the industry. However, even then, supply chain management is still very complex and unnecessarily costly. Blockchain technology has revolutionized this industry, introducing transparency and saving time and costs. However, in the blockchain ecosystem, Bitcoin SV has stood out and has been hailed as the future of supply chain management.

A century ago, trade was mostly local and supply chain management was a simple process. However, with globalization, supply chains can span several countries and regions and involve thousands of stakeholders. This makes it crucial for businesses to put in place enterprise resource planning (ERP) applications which integrate all the processes in a single system. Bitcoin SV, with its ability to scale, fast transactional speed and low fees makes this possible.

The Bitcoin SV blockchain enables the seamless sharing of information between different parties. For producers, this enables them to plan their production accurately in response to market conditions. For instance, a distributor can reveal how many products they sell during certain times of the year, enabling the manufacturer to schedule production, which, in turn, enables the raw materials supplier to respond accordingly.

Drastic cost reduction is yet another way Bitcoin SV proves to be the future of supply chain management. The supply chain has multiple participants, from the producers to the manufacturer, from the distributors to the retailers. This drives costs through the roof. The integration of blockchain technology into the supply chain drastically reduces the number of intermediaries required as most of the processes become automated. This saves costs for the manufacturers and producer and in turn, this translates to the consumers through price reductions.

The integration of blockchain technology is not only beneficial to the producers and distributors. For the consumers, the use of blockchain in supply chain management is just as crucial. With its public blockchain, Bitcoin SV enables tracking and tracing of products throughout their entire lifecycle. Consumers can use simple QR code or RFID scanners to reveal the provenance of a good. This makes it easier to only buy products whose methods of production and distribution you most prefer.

Bitcoin SV is the only blockchain that is able to scale to meet enterprise needs, all while keeping costs negligible and maintaining very high transactional output. This makes the upcoming CoinGeek Seoul conference an event you can’t afford to miss. Attendants will get to learn first-hand how Bitcoin SV is building the future of supply chain management from leading industry minds including nChain Chief Scientist Dr. Craig S. Wright.

The two-day conference begins on October 1 at the Le Meridien Hotel in Seoul, South Korea. Don’t miss the chance to discover how Bitcoin SV is fast becoming the world’s new money and global enterprise blockchain. Get your tickets today.

Samsung eyes blockchain-based supply chain management to cut costs

Samsung eyes blockchain-based supply chain management to cut costs

The tech giant is continuously strengthening its integration of blockchain technology.

Samsung is reportedly working on transitioning to a blockchain-based system to manage their global supply chain.

In an interview with Bloomberg, blockchain chief Song Kwang-woo of Samsung SDS Co. says that the move is expected to cut shipping costs by 20%—a substantial amount considering that the Korean manufacturing giant expects 488,000 tons of air cargo and over a million 20-foot shipping containers for this year. Samsung’s global smartphone and semiconductor manufacturing supply is a multi-billion dollar business.

Blockchain technology has the perfect features to disrupt and streamline supply chains, enabling real-time communication, tracking, and documentation of relevant product information embedded in product tags for every single product in circulation. All of these can be stored and monitored in an incorruptible, time-stamped ledger, automating the currently redundant, time-consuming, paper-based manual processes that shippers still employ. It also allows easy verification of legitimate products, and can effectively purge out counterfeit goods.

With a vast line-up of benefits, several start-ups and even industry big names like IBM have joined the race pursuing the same mission—focusing on a more efficient, digital coordination system for supply chains using the technology.

“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation,” Song said.

This isn’t the company’s first venture into blockchain technology. Samsung is the biggest smartphone and chip manufacturer in the world, and will be one of the first and biggest companies to aggressively integrate blockchain technology into their product line. Samsung’s flagship blockchain project, Nexledger, promises to be a B2B scale infrastructure offering digital identity, payments, and authentication.

Last year, they also won a contract to take charge of the Seoul government’s public sector for blockchain platform, a project where they will cover welfare, public safety, and transportation by 2022. In January this year, the company also started manufacturing ASIC miners and peripherals, a move cryptocurrency analyst Joseph Young says would “provide Bitmain its first real competitor.”

Whether the supply of these new mining products will also be monitored by their blockchain-based supply chain management system is not specified, although it would make so much sense.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Blockchain technology may not be the solution to blood diamonds

Blockchain technology may not be the solution to blood diamonds

Some say that the blockchain project to fight the conflict diamond trade isn’t effective either.

In an article on Forbes, Bernard Marr outlined how blockchain technology can be used to fight the illegal diamond trade. DeBeers, along with a few other institutions, have been working on a blockchain project that would hopefully kill the “blood diamond” trade. The blockchain would supposedly track the supply chain to ensure that the only diamonds that make it to the market are ethically sourced, and that they are genuine.

Conflict diamonds, more famously referred to as blood diamonds, are illegally sourced and usually harvested from the war-torn central and western African region by civilians held at gunpoint—by rebels and even police. The skyrocketing prices tagged on diamonds have made them an attractive way to generate funds, both legally and illegally. This is a problem that has plagued the market for the past century, so much so that it inspired a movie.

Ironically, De Beers and their peers have been failing at wiping out the century-long problem that some say they helped create in the first place. International efforts to eradicate conflict diamonds have proven ineffective despite the UN-sanctioned Kimberley Process Certification Scheme (KPCS). And despite jumping in on the blockchain trend, some argue that there is still no way to guarantee that a diamond is conflict-free. IMPACT executive director Joanne Lebert said, “The public is under the wrong impression that the problem is solved.”

Solving this problem is undoubtedly tricky, seeing as diamonds are not really rare. If it were, terrorists would be looking for a different way to finance their terrorism. They are actually among the most common gems on Earth. Perhaps letting the market run its natural course and having the technically worthless stones drop in value would have criminals dropping them too?

Controlling the supply to simulate scarcity bites back eventually when supply from all directions come pouring in, unravelling the simulated rarity. This is the problem with manipulating the market: a business that depends on faking scarcity so you can inflate the price (or practically name your price) will collapse sooner or later. Or in the case of the diamond trade, gaps keep opening up. But even so, it’s highly unlikely that their profits are in jeopardy, seeing as they are raking in between 90 to 125% in mark-up per stone.

While supply chain is one of blockchain tech’s best uses, it may not be the right fix to the problem, especially because this may be more of a social issue rather than a safety one from the point-of-view of consumers. With livestock and food supply, consumers obviously prioritize ethical and legal sources. After all, it could potentially mean the difference between life and death. But for something you don’t ingest, such as a diamond ring, consumers couldn’t care less about ethics when dangled with a big discount—hence, the undying illegal diamond trade.

Whether a blockchain-based supply management and tracking system is the right solution for this problem is absolutely debatable. Blockchain technology was never meant to be a cure-all for the world’s ills. If consumers can track the movement of priceless goods such as gold or diamonds, so can criminals. Of course, there are ways to circumvent this issue, although cybercriminals are persistent and can possibly circumvent any circumvention.

While the quest to end the blood diamond trade goes beyond corporate reasons, it brings to question whether tracking priceless gems on the blockchain are even worth the effort, or if it’s just another marketing stunt. But anyone with any idea to help stop unethically sourced supplies are welcome to weigh in, the world is thirsty for blockchain start-ups, after all.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Chinese ecommerce giant JD taps blockchain tech to track safe meat

Chinese ecommerce giant JD taps blockchain tech to track safe meat

Hopefully this will put an end to fake meat, such as the rat mutton.

Beijing-based e-commerce giant JD.com has partnered up with global meat merchant InterAgri to employ blockchain technology and track down their meat supply—from their source farm in Australian beef and cattle exporter HW Greenham & Sons down to the end consumer. The move hopes to help curb the circulation of counterfeit meat from unsafe and unverified sources by differentiating their meat products with a proof of authenticity.

For several years, China has been battling illegal and unsafe supply of goods, including meat. Apart from meat that may possibly have been contaminated by drugs and disease, some are even selling fake meat. In 2013, the government seized 20,000 tonnes of illegal meat products, including fox, mink, and rat meat being passed off as mutton. A total of 904 were arrested within three months of the crackdown, with one of the suspects reportedly earning over £1 million ($1.38 million) over a span of four years through selling illegal meat.

In a press release, JD says their smart supply chain project will enable consumers to verify where their meat is sourced from, how they were processed and transported. JD CTO Chen Zhang believes the blockchain product will increase confidence from their 266 million consumers.

“We’re excited to partner with InterAgri to deliver this level of transparency to our 266 million customer base. We’re increasingly implementing blockchain-enabled traceability solutions to give consumers confidence that they are buying safe, reliable products for their families. Consumers in China don’t just want quality imported products, they want to know that they can trust how and where their food is sourced, and blockchain helps us deliver this peace of mind,” Chen said.

JD is not alone in pursuing this direction for managing and securing the supply chain. In 2016, Walmart also deployed a blockchain project to monitor food products, and pinpoint any contaminated sources faster and more accurately. Walmart’s system also increases accountability since it records and shows the name of the inspector (or inspectors) that gave a particular product the clear.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.