Blockchain Technology to Revolutionize the Retail and Supply Chain Industry
H2: OpenSC and the Initiative to Revolutionize Retail and Supply Chain
A blockchain-enabled platform called OpenSC is aiming to revolutionize the retail and supply chain industry. Funded by BCG Digital Ventures, OpenSC is a profit-for-purpose venture designed to bring transparency and trust to the supply chain by capturing data at every point and using it to verify claims around sustainable production. Paul Hunyor, who runs BCGDV’s Asia operations, emphasizes that there has been a huge shift in consumers demanding transparency and trust. He highlights that open SC has the potential to be good for the planet and humanity, as well as for businesses to produce healthy financial returns for investors.
Austral Fisheries, a fishing company based in Perth, Australia, known for its Patagonian toothfish, Mackerel icefish, and sea-caught prawns, is one of the first companies to sign onto OpenSC. They are set to roll out OpenSC across its entire deep-sea fleet. Also, Woolworths, an Australian grocery retailer, and Singapore Airlines Chef Matt Moran have conducted pilots with OpenSC.
H3: Transparent and Trustworthy Supply Chains
OpenSC captures data at every point in the supply chain, ensuring companies are actually doing what they claim. For instance, a fish caught by Austral Fisheries is snared immediately with an RFID tag, with the vessel recording its location and the time of the catch. Data on the RFID tag is linked to a QR code that customers use, allowing them to monitor the journey of the fish from shore to restaurant.
This transparency is crucial for companies across various industries. OpenSC has partnered with the WWF to address supply chains that historically involved dubious activities, over-extraction, or neglected labor standards. The WWF has found that the majority of environmental degradation is driven by the production of a few commodities we consume every day. OpenSC is honing in on these priority commodities to bring transparency and trust to their supply chains.
H3: Addressing Challenges in Supply Chains
OpenSC aims to address challenges in different industries, such as illegal fishing, which costs the global economy up to $23 billion annually. The platform can verify the legitimacy of fishing by looking at GPS locations, vessel speed, sea depth, and weather data, making it difficult for illegal ships to operate in protected zones.
H2: Recognizing the Potential of Blockchain
The initiative has received recognition from different industries. Konrad Brits, founder and CEO of Falcon Coffee, a UK-based coffee importer, believes blockchain technology can empower rural communities and create a sense of shared stewardship of natural resources. For businesses like Austral Fisheries, Woolworths, and Singapore Airlines, OpenSC’s potential to transform industries and ensure sustainable production is a promising development.
In conclusion, OpenSC is shining a light on the potential of blockchain technology to revolutionize the retail and supply chain industry, bringing transparency and ensuring sustainable production.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin