CHIP was launched in 2018 and claims to be the first supply chain project to integrate the information pulled from RFID tags onto a blockchain network.
The Chain Integration Pilot (CHIP) of the Auburn University RFID Lab in Alabama has published a proof-of-concept whitepaper that seeks to demonstrate the efficiency savings blockchain technology can unlock across the contemporary supply chain.
The proof-of-concept was designed to ingest, encode, distribute, and store serialized data from multiple points throughout the supply chain on Hyperledger Fabric.
The pilot collected live data from brands Nike, PVH Corp., and Herman Kay, and major United States retailers Kohl’s and Macy’s.
Blockchain as a supply chain data solution
The project saw data pertaining to 223,036 goods uploaded to a distributed ledger. Only 1% of data entries were uploaded by stores, with 87% of data coming from distribution centers, and the remaining 12% originating from a point of encoding.
As such, CHIP determined that blockchain is a functional solution to issues of serialized data exchange within the supply chain. The report concludes that the participating companies were “able to record transactions containing serialized data in a common language and share that data with their appropriate trade partners.”
The paper identifies “a tremendous amount of error and inefficiency in currency supply systems”, estimating that the elimination of counterfeiting and shrinkage in the supply chain could unlock $181 worth of business opportunities.
Traditional supply chain tracking technologies deemed “antiquated”
By contrast, the paper argues that previously existing networks for exchanging are built for “antiquated internet technologies”, and are not suitable to handle the massive volumes of serialized data that are generated throughout the contemporary supply chain.’
The team points to the absence of “an effective, industry-wide solution for exchanging serialized data between business partners”, despite the introduction of serialized data such as RFID tags and QR codes over a decade ago.
Further, the report argues that previous attempts to integrate infrastructure to collect information on masse’ across the supply chain have been “constrained by the industry-wide ineptitude for sharing serialized data.”
New Zealand’s ASB Bank Takes Stake in Trade Finance Blockchain Startup
A New Zealand bank has invested a “significant” amount in a startup working to put trade finance on a blockchain.
Announced Tuesday, ABS Bank – an institution owned by the Commonwealth Bank of Australia – said it backed the TradeWindow platform after taking part in a pilot utilizing its tech to carry out a trade between a Korean importer and a New Zealand meat exporter last year.
A.J. Smith, founder and CEO of TradeWindow said the undisclosed investment means his firm is one of the first tech companies in the country to backed directly by a New Zealand bank.
“The decision by ASB to invest in TradeWindow is a great vote of confidence. The bank is committed to accelerating the progress of New Zealand’s trade environment using new technology and recognises the potential our product has to streamline trading between Kiwi exporters and the rest of the world”, Smith said.
The firm said the funding will be used to “fast-track” development of its platform.
TradeWindow uses distributed ledger technology to create a “single trading window” that provides real-time insight into a trade for all participants. Changes to data can only be made “with the consensus of the majority of the network”, the firm said, meaning the risk of fraud and cyberattacks are greatly reduced.
The most immediate benefit for clients, though, according to Smith, is the greater efficiencies and lower costs brought about by the real-time sharing of documentation. Currently, this is “couriered at significant cost” between all trade participants, he said.
As part of the funding deal, Nigel Annett, executive general manager of corporate banking at ASB Bank, will join TradeWindow’s board.
“What began as collaboration through ASB’s innovation programme to solve a customer problem, is now a fully-fledged business ready to launch”, Annett said.
TradeWindow is said to be finalizing partnerships that will see it acquire two New Zealand-based export companies, as well as having more pilot schemes in the pipeline.
New York State Financial Regulator Hiring Crypto and Blockchain Specialist
New York state’s financial regulator is hiring a specialist with expertise in the field of virtual currencies and blockchain, per a recently published announcement.
The Department of Financial Services is looking to hire a Deputy Superintendent in the Research and Innovation Division, with a background in cryptocurrencies, blockchain, distributed ledger technology and other related fields. The person in this position is set to be in charge of policy decisions and the regulation of emerging and innovative markets.
The individual will be responsible for directing the development of enforcement procedures, policies and communication strategies in the field, maintaining engagement with industry players, and the development of initiatives and compliance measures.
Federal agencies hiring blockchain specialists
Governmental organizations have been actively hiring crypto and blockchain-related specialists in recent months. The United States Department of Commerce was looking to hire a computer scientist specializing in blockchain and identity management in August. It noted that the candidate’s role will include a focus on cybersecurity capabilities.
In late September, NASA had a vacancy for a data scientist with crypto and blockchain expertise at its Jet Propulsion Laboratory in California, whose primary function is the construction and operation of planetary robotic spacecraft and conducting Earth-orbit missions.
Back in the spring, the U.S. Securities and Exchange Commission (SEC) was hiring a dedicated staff member to provide expertise on cryptocurrency. The job application read at the time that the SEC would pay up to $239,000 per year for its Crypto Specialist, who will serve various consulting roles.
