How IBM and Budblockz can truly improve the supply chain using Blockchain
Mr. Pratik chadhokar is an Indian currency, cryptocurrency and financial market advisor and analyst with a background in IT and financial market strategist. He specializes in market strategies and technical analysis and has spent over a year as a financial market contributor and observer. He has strong technical analytical skills and is known for his entertaining and informative analysis of the financial markets.
What is more satisfying for a customer than an authentic and tamper-proof product on their doorstep. But how do you ensure that it is actually the real thing? Blockchain has come up to answer this question. The technology has the potential to take the supply chain to another level. Companies like BudBlockZ (BLUNT) and International Business Machine (IBM) are already exploring this technological marvel.
BudBlockz is the first online e-commerce site for cannabis enthusiasts. The company is working to scale operations to allow increased availability of the product for its users. The marijuana sector has seen loosened restrictions in recent years. Nevertheless, suppliers are required to supply information on quantity, logistics and more.
The company solves this problem by using seeds for sales tracking and logistics. The authorities request this information to ensure that the product is not used unethically. A barcode allows BudBlockz to track every step from sowing seeds to final delivery. Providers must keep a record for at least three years to avoid penalties.
Blockchain as a distributed and immutable ledger can eliminate such compliance issues. Licensed sellers can simply save the details and provide unbiased data to the authorities. If there is a fire in a facility, physical documents may burn next to everything. Meanwhile, blockchain will ensure that the data remains intact no matter what.
IBM has been using the blockchain for quite some time now. They allow their data to be seen by authorized parties. As the company joins with more partners, the technology allows them to keep things transparent. The data is generated at every step involved in their process. From pharmaceutical products to retail, the company keeps even small details involved in production.
Their supply chain ensures that the data is visible to all network participants. IBM Food Trust allows them to share whatever data they want to share with others. In addition, the technology allows users to quickly find data related to a specific product.
It leverages four key aspects: traceability, latest insights, certifications and data availability. Users can track real-time data for a product. New insights allow them to improve efficiency and reduce product loss. Also, the fact that they can share the data accordingly ensures that unqualified third parties are removed from the game.
Currently, IBM stock was trading at a market price of $130.57, down 0.17% in the last 24 hours. The company’s shares rose over 30% between October and December 2022 before falling around 10% the following month.
This shows how mainstream companies are trusting this emerging technology. Companies like BudBlockz and IBM are just a few examples of how blockchain can be used to improve several aspects of human life. Even if it hasn’t become mainstream yet, it would be worth how it will make a difference in the world.
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BudBlockz contract address is as follows: 0xe5d4988A644EF97f58583BaC42285090924417D0
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