Let’s face it. Our supply chain management (SCM) is broken and is inefficient. It is also cumbersome, redundant, and complicated.
Sometimes, there is no transparency or traceability and more often than not there are no proper means for contract management and enforcement.
Not to forget audits, the most damaged part of the whole supply chain cycle itself.
I know how it feels if you are not familiar with supply chain itself, so do give this a read: Supply chain management on blockchain.
Also, do watch this short video:
As you read and saw in the aforementioned article and video, blockchain, combined with other technologies, can make the whole supply chain process highly efficient.
That is why many blockchain-based projects in the cryptocurrency market are actually trying to juggle and combine techs like IoT, RFID, and the blockchain together. (Do read about Harsh’s thoughts on IoT and the blockchain here.)
In this article, I will shed light on some of the most notable projects (rather altcoins) that are trying to solve the grave problem of supply chain management.
6 Supply Chain Management Based Cryptos/Blockchains
Waltonchain was the first project to be launch in the sphere of supply chain management that combines the best of both physical and digital world to create an efficient system. It uses RFID chips for IoT and combines it with the power of blockchain to achieve:
- Data Integrity for fair audits
It provides a parent and child chain structure to connect various industries as per their needs. These chains are fueled by Waltonchain coin (WTC). They have already partnered with 6 big companies in this way. And the good thing is that they have their own chip technology, manufacturing which makes them independent in this competitive world.
They are also moving into the future with an eye on efficient management, smart agriculture, smart medical care, smart food traceability, and smart art industry etc.
2. Ambrosus – Food & Medicine Supply Chain
Ambrosus also started in late 2017 after Waltonchain to secure and make efficient another aspect of the market with an efficient supply chain via blockchain.
Ambrosus protocol combines high-tech sensors, blockchain tech, and smart contracts to create a universally trusted, verifiable, and community-driven system to assure the quality, safety & origins of food and medicinal products.
All of this happens via Ambrosus protocol that is fueled by its native token, Amber (AMB) which interacts with smart contracts too.
3. Modum – Pharma Supply Chain
Modum is another supply chain management solution on the blockchain designed specifically for the pharma industry.
Modum is based in Switzerland and combines IoT sensors with blockchain technology for providing data integrity for transactions involving physical medicinal products.
This can hugely eliminate the problems of contract management, safety, and audit which is very much needed for pharma products.
The Modum sensors record environmental conditions that goods are subject to while in transit. When the goods change ownership, the sensor data is verified against predetermined conditions in a smart contract in the blockchain. The contract validates that the conditions meet all of the requirements set out by the sender, their clients, or a regulator and triggers various actions: notifications to sender and receiver, payment, or release of goods. And this all is fueled by Modum token on the Modum blockchain. (Source: Modum)
VeChain is another supply chain management blockchain that provides huge opportunities to improve the supply chain management lifecycle in many ways.
But the good thing about this VeChain platform is that it doesn’t restrict itself to one particular sector. The VeChain blockchain can have many use cases across the following industries:
- Cold-Chain Logistics
- Medical & Healthcare
- Luxury & Fashion
Again, it is powered by IoT chips, sensors, and blockchain tech to provide seamless integration of different business on the blockchain for SCM. One thing that I like about them is that they are quite unique and aggressive in pulling out huge partnerships with the likes of PwC.
WaBi’s blockchain for supply chain management prevents counterfeiting of products by using anti-counterfeiting labels on them. It has its native token called WABI for fuelling its blockchain.
WaBi leverages the technology of anti-counterfeiting RFID labels by Walimai and combines it with blockchain.
Walimai label is applied at a designated ‘point of origin’ along the supply chain. This links the product with its digital representation in the cloud, containing:
- Encrypted unique ID
- Dynamic Code
- Geographical Data
6. Origin Trail
Origin Trail is not just a blockchain. Instead, it is a blockchain protocol for supply chain management that is blockchain agonistic.
Origin Trail protocol solves two critical problems in SCM – data fragmentation and centralization of data.
It does it with the help of the Original Trail Decentralized Network that has these layers and is further fueled by (TRAC) tokens:
- Application Layer
- ODN Network Layer
- ODN Data Layer
- Blockchain Layer
See in this video to understand how it works.
Blockchain and cryptocurrencies have many use cases across various industries and are not only limited to payments or supply chain etc.
However, its implementation and success will not happen overnight because any new technology takes time before it is adopted by the masses.
It also includes a learning curve before implementation, just like any new technology, which is why you will find most of the projects mentioned above in their nascent stages.
Nevertheless, the innovators do not have any plans to slow down before they completely achieve a 4th industrial revolution by riding on the back of ‘the blockchain’ tech.
Now its time to hear from you: What do you think about SCM on blockchain? Do you know of other supply chain based blockchain/crypto projects?
Waiting for your comments below 🙂
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Here are a few other hand-picked articles that you must read to increase your knowledge about cryptocurrencies:
- A Look At The Top Decentralized Storage Networks (DSN) & Their Tokens
- A Detailed Analysis of QTUM Cryptocurrency – a Beginners guide
- UBIQ Cryptocurrency: Top Things Beginners Need to Know
- Top Free Blockchain & Cryptocurrency Courses/Certifications [Mega List]
- Top 10 Blockchain Startups From India – CoinSutra Picks
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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