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Blockchain: digital innovation, adoption, technological perspectives in supply chain traceability

Trends on crypto and in particular on NFT have, this year, been able to catch investors’ and media’s attention, as a matter of fact. Blockchain Technology and DLT have allowed a change in the Business-making nature of imagining art, property right, copyright, data management, digital tangible assets, and much more.-supply chain.

To start off, let’s take as an example the nonfungible Tokens, However which are already able to cover various areas of use. Not only gambling and art but also the agro-food (WiV Technology), luxury goods (Icecap Diamond), numismatics (Crypto stamp), and the sale of real estate (The first real estate NFT launched by Propy).

TechCrunch’s founder, Michael Arrington was the first, back in 2017, to buy a condo apartment in Kyiv in Ukraine. Through the use of the nascent Propy protocol (The first real estate NFT launched by Propy), to make the purchase and to register the title of ownership, for the first time ever, on a Blockchain.

NFT

In the month of May, he listed his apartment in Kyiv and Ukraine, as an NFT backed by real estate, through ProPy, the same real estate platform.

As a sign of how the industry has evolved in the next four years. Property auctioned the same property, but this time as an NFT backed by real estate, at an initial price of $20,000. Property advertise the sale as “the first real estate NFT in the world” and was able to sell the NFT for $93,000

Thanks to technological development, infrastructure, technical emerging advances, and regulatory standards. we are going in the direction of business adoption at any level, unthinkable just a couple of years ago, creating the conditions to start experimenting with blockchain.

DLT and create cases in many industries, while more and more startups start new business models more and more bold and exciting.

And what about decentralized finance, best known as DEFI?

Decentralized finance (DEFI) is a financial area, developed over the blockchain that uses digital assets and financial services that aim to disintermediate traditional finance through Smart Contracts and Crypto tokens. 

Through the De. Fi, services that typically operate without centralized intermediaries or institutions and use open protocols that allow being programmatically combined, through the Smart Contract in flexible ways, are possible.

Ethereum’s blockchain builds on The majority of DEFI applications, and thanks to the blockchain being public and transparent, anybody on the network can verify the ether (ETH) and/or token, in a decentralized and independent way

DEFI

Whoever has the abilities can program applications, create, archive, manage digital resources through Smart Contracts and apps, irreversible and complex agreements without the need for someone to check or act as guarantor. 

Thanks to DEFI a new financial paradigm is in fact made, fully independent and transparent, in which anyone who has an internet connection and a smartphone can access the network and interact, disintermediating himself/herself (and his/her money) in a simple and transparent way.

The market has experienced explosive growth since 2020. According to the DEFI Pulse monitoring service DEFI pulse, the digital wealth value blocked in the DEFI services grew from less than $1 billion in 2019 to over $15 billion by the end of 2020, and over $19 billion in 2021, even so, DEFI is still at the very beginning of its evolution.

E-commerce is a $10 trillion business

[https://www.ninjamarketing.it/2021/05/04/ecommerce-267-trilioni-di-dollari-italia-ottava/], growing by 4% every year, and if stores start operating on blockchain today, they could immediately access a booming trillion-dollar market.

Currently accepting payments online requires an expensive IT infrastructure, which supports, guarantees, and protects the entire “supply chain”, but contrary to what could be assumed, a payment system built on the blockchain does not require complicated starting procedures, just register for the service completing the data for anti-money laundering, download and/ or customize the wallet.

At any level, you can receive right away payments in cryptocurrency, competitive fees, for global transactions,  fully tracked, secure and irreversible and thanks to services provided by the crypto gateway, change in real-time the crypto received in euro with immediate availability on your current account.

Supply Chain

While supply chains are linear and often based on a paper that processes documentation as a product, production chains are increasingly digital and dynamic, in the sense the Blockchain seems at an excellent solution to help solve the verifiability of the digital track, recording the route of the goods and sharing the supply chain to all participants.

The blockchain can supplement all the stages of a supply chain

Checking on the product’s quality through the entire supply chain, is by today one of the main challenges in the world, especially when it comes to typical food products. Recently many companies are trying to experiment with joint use of Blockchain and Radio Frequency Identification technologies to solve problems in scenarios in which many unreliable “actors” are involved.

Thanks to technological progress and the integration of external tracing methods; the blockchain can supplement all the stages of a supply chain in the same smart contract system.

This way, the blockchain is earning more and more popularity as a technology that allows a product’s traceability in a certified way, preventing frauds and counterfeiting and guaranteeing reliable, transparent information, sharing of the entire supply chain. By combining smart contract, IPFS, and Internet of Things technologies, all stakeholders can access, verify the source, authenticate items and demonstrate compliance.

Through Smart Contracts, it is possible to create nondivisible Tokens and link them to intrinsically indivisible objects for any type of product, such as books, shoes, and more: this way it is possible to associate every single record, written on the blockchain, to the asset and its history.

As for now, this is just the beginning, but with no doubt, the Blockchain and Distributed Ledger (DLT) technology is changing many aspects of the business and setting the basis of a new trust chain.

Reference:

https://wiv.io/  agri-food sector

https://icecap.diamonds/ luxury goods

https://crypto.post.at/ numismatic

https://propy.com/browse/propy-nft/ house sale with blockchain

https://defipulse.com/ Decentralized Finance

https://www.optelgroup.com/ SMC

https://www.minespider.com/ SMC minerals

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