As an aged techie who’s been staying at the very front of the industry advancements for thirty years, I’ve seen a lot of changes and developments in the world of blockchain. It’s been here for longer than you think – although it has only been front-page stuff for the last few years. Satoshi Nakamoto (possibly a pseudo-name) fist developed the blockchain to support bitcoin back in 2010. It is important that people realise that blockchain and crypto currency are different things. To this end, I want to spend some time explaining some concepts, telling some of my thoughts around blockchain, the latest trends in the field, and how they’re affecting different industries.

Before reading any more, understand this… crypto is not blockchain. Crypto currencies (and their small retarded siblings, NFT’s) require the blockchain and smart contracts to exist. However, the blockchain has many, and much more beneficial uses, than pictures of bored apes or buying shit from the darkweb.

So, let’s get the crypto discussion out of the way. Decentralized finance (DeFi) is still out there – whether or not on shaky ground, that is for you to decide. Personally, I believe that any crypto currency is nothing more than an unregulated and geographically boundless ponzi scheme. However, besides the currencies themselves, there are now financial apps built on the same blockchain technology that give users more control over their own assets. I am seeing lending and borrowing platforms, decentralised exchanges, and stablecoins popping up left and right. It’s pretty flashy stuff, and it might to shake up traditional finance in a big way, but actually more likely, without regulation, a few will get very rich and everyone else will lose out.

NFT’s, as I have already said (see this post from a few months ago) I have covered in more detail before – hopefully this stupid trend is starting to wane.

What I am really excited about is using the blockchain backed system in supply chain management. With my new role (Global CTO – Seven Star Edible Ltd), this is very close to my heart. Blockchain can help improve efficiency and cut costs by tracking the precise location of products and recording this information along with every transaction or contact point, which is great for accountability and transparency.

Blockchain technology has the potential to revolutionize the way we manage the supply chain by providing a secure, transparent, and tamper-proof record of the movement of goods through the supply chain.

Benefits include the ability to track the origin of goods. By using blockchain technology, each step of the supply chain process can be recorded, creating a permanent, tamper-proof record of the movement of goods from (in our case) field to fork. Because this record is public, immutable and created by consensus, transparency and accountability in the supply chain are built in to the solution, while at the same time reducing the risk of fraud.

By eliminating the need for intermediaries, blockchain technology can streamline the supply chain process and reduce the time and cost associated with traditional supply chain management methods.

This can be particularly useful in the food industries (such as Seven Star Edible Ltd), where the ability to track the origin and movement of goods is crucial for ensuring food safety and integrity.

But maybe the best use in supply chain management is the creation of smart contracts. Smart contracts are self-executing contracts that can be programmed to automatically trigger actions based on predefined conditions. This can automate the process of tracking goods through the supply chain, as well as automate the process of payment and settlement.

The blockchain technology itself creates a secure and decentralised system for managing the storage and sharing of supply chain data. This therefore improves the security of supply chain data and reduce the risk of data breaches.

It’s important to note that implementing blockchain technology in supply chain management is still in an early stage and I am still researching and still developing the ideas and framework to fully realise its potential.

Digital identity verification is another area that I will be involved with. We will create a decentralised record of a person’s identity, making it harder for hackers to steal personal information. These blockchain-based digital identities will be used for secure and private access to SCM-360 and for secure communication online.

And finally, I want to talk about the Internet of Things (IoT). As more and more devices get connected to the internet, the amount of data generated is just insane. We will use blockchain to create a secure and decentralised way to manage all that data. We will create a secure and decentralised network for IoT devices that we will give to the farmers supplying our product.

It’s clear that blockchain technology is being used in a variety of industries and applications. These latest trends in supply chain management, digital identity verification, and IoT are just the tip of the iceberg. It’s an exciting time to be involved in this field, and I can’t wait to see what the future holds.

…and if I didn’t mention it already, I have a new job as Global CTO for Seven Star Edible Ltd. 🙂