The coronavirus pandemic has created an extremely challenging business environment for companies in 2020, putting tremendous pressure on global trade. But one company says blockchain technology has helped solve the COVID-19 problems by allowing companies to modernize and digitize their supply chains.
Sustainability has become one of the most important buzzwords of the decade. More than ever, shoppers are looking for brands that are proven to be sustainable and want more information about the products they buy. Over the past year, GoChain has entered into a series of high-profile partnerships that have allowed manufacturers to make traceability the backbone of their offerings.
In May, the publicly available GoChain blockchain protocol – along with the GoTrace supply chain management platform – began using Two Hands. For the first time, Southern Rock Lobster shipments from Australia to China were tracked to be unveiled at a wedding party in Shanghai. Each lobster was given a tamper-resistant smart tag to track every step of the journey, and chefs were given the right to choose dishes based on region, combination and price.
Blockchain-based tracking platforms can help increase confidence in fresh food, especially in countries that have previously been shaken by security concerns. Adopting this technology can also be beneficial for companies, which can charge higher fees for better products and find the source of supply chain problems.
Henry Ennis, CEO of GoChain told Cointelegraph: “2020 has been an incredibly challenging year as the sustainability of the business and supply chain has been tested. As the pandemic continues into the new year, companies are responding to this new reality with technological solutions.
“GoChain prides itself on supporting these leading companies with blockchain applications that track and monitor supply chains in real time. We expect demand for such solutions to continue to grow as companies respond to consumer preferences and changing regulations around the world. ”
In October, Pronatura Noroeste launched a 12-month GoChain pilot to implement a blockchain-based tracking and tracing system. As the depletion of the marine environment has become a major concern in terms of impacts on biological communities, this technology can help promote responsible business practices and protect the livelihoods of fishermen.
As Pronatura Noroeste CEO Dr. Gustavo D. Dahnemann explained at the time, “Tracers will help tell the story that goes with every seafood product and enable markets to provide clear incentives for more efficient fishing practices.”
The benefits of GoChain Technology aren’t limited to food. In December, global energy company Enviva announced the success of a pilot blockchain platform, with over 1,000 downloads of biomass successfully logged “in the chain” as they moved from the jungle to a manufacturing facility.
Enviva said it chose GoChain because of its environmental information, as the blockchain uses a reputation verification mechanism and is more sustainable than the proof of work infrastructure used by the likes of Bitcoin.
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Leading universities, including Pennsylvania, have also teamed up with GoChain to conduct in-depth research on how blockchain is optimizing supply chains. Associate Professor Aydin Alptekinoglu explained: “People want to know where things come from and how they are made. For example, they don’t want to use child labor to make shirts. ”
Tracking and tracking platforms have also gained a new prominence in light of COVID-19, not least because flexible supply chains such as test kits and personal protective equipment are required to deliver safety goods. In the early days of the pandemic, the quality of some items, such as masks, was found to be extremely poor, which meant that consumers could be misled into believing they were safe.
In collaboration with Gentag, GoChain proposed using blockchain technology along with a hybrid short-range radio and scanning solution to track, trace and authenticate COVID-19 tests and personal protective equipment at every step of the process.
In addition, in collaboration with ShapMatrix, a tagging partner, both organizations developed and tested SPITAG’s unique laser and blockchain engineering solution for drug verification and traceability.