Blockchain Enterprise Solutions Aim To Improve Safety And Address Ethical Sourcing Concerns – Mondaq News Alerts


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Blockchain Enterprise Solutions Aim To Improve Safety And Address Ethical Sourcing Concerns

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According to recent reports, the Food Safety and Inspection
Service (FSIS), an agency of the U.S. Department of Agriculture, is
working with a major global technology firm to build a
proof-of-concept blockchain solution, FSIS’s first, designed to
bring increased immutability of documentation and streamline the
process for export certifications of America’s meat, poultry
and eggs. In another recently announced pilot, as part of its
20-year plan to create a carbon-neutral passenger car fleet, a
global automobile manufacturer announced a new blockchain pilot
project with Circulator – a startup focused on blockchain
technology – and one of its key battery cell manufacturers.
The project is targeted at tracking emissions of climate-relevant
gases and mapping the use of recycled material through the battery
cell manufacturing chain.

Earlier this week, several key partners in the aircraft
maintenance, repair and overhaul (MRO) industry announced the
creation of the MRO Blockchain Alliance, along with a
proof-of-concept blockchain solution to verify the authenticity of
aircraft parts and provide visibility into the full chain of
custody, with blockchain technologies estimated to generate $3.5
billion in costs savings (approximately 5 percent) and a $40
billion boost in revenue. Also this week, the Perth Mint, in
partnership with Security Matters, a technology startup focused on
physical asset tracking through digital means, announced the
development of an ethical gold supply chain assurance solution as
part of its TrueGold project. TrueGold is aimed at reporting on the
origin of gold and how the metal moves through the entire
production and distribution process.

Last week, Hyperledger marked the fourth anniversary of its
enterprise digital ledger, Hyperledger Fabric, by announcing the
release of Hyperledger Fabric v2.0, which offers improved
decentralized consensus models and heightened data privacy
offerings, among other performance improvements. Illustrating the
potential benefits to enterprise-blockchain adoption, a leading
research and advisory firm recently predicted that organizations
participating in blockchain smart contracts could realize a 50
percent increase in data quality by 2023 while noting the downside
that the same technology could lead to a 30 percent decrease in
data availability.

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