HashCash Consultants, a blockchain development consultant firm confirms their collaboration with a Spanish supply chain company. HashCash is to replace its infrastructure with IoT-on-Blockchain architecture.
Supply chains, have evolved into highly complex value networks comprise a vital element of competitive advantage. However, it is plagued by a series of challenges. It is turning increasingly difficult to verify the source of raw materials and maintain visibility of products and merchandise while they are traveling through the value chain network. The integration of the IoT enables companies to observe, track, and monitor products, activities, and processes within their respective value chain networks. Other functionalities of IoT include convenience in product monitoring to optimise operations in the departments like warehousing‚ manufacturing, and transportation. Combined with IoT, Blockchain technology facilitates a wide range of different application scenarios to enhance value chain transparency and to increase B2B trust, the company said in a release.
“When integrated with IoT, Blockchain technology gains the potential to increase the effectiveness and efficiency of modern supply chains,” claimed Raj Chowdhury, HashCash Chief, and blockchain pioneer.
Blockchain applications have the potential to create new opportunities with tracking physical assets and goods in multi-party supply chains. Designated and verified supply chain exchange partners may be informed and updated about the location of target products or merchandise, whether online, in-transit, or in-store.
“Our design checks the necessary boxes of immutability, security, traceability, interoperability, scalability, and efficiency over legacy systems that are crumbling under the increasing demands of modern consumers,” added Chowdhury.
“Having said that, beyond geographical boundaries, blockchain and IoT combination may be delayed due to regulatory policies and industry standards,” concluded Chowdhury.