How Can Blockchain Help Businesses Resolve Issues Related to Product Recalls?

Be it the outbreak of E. coli in Romaine Lettuce that was highlighted and recalled by Grocery giant Walmart or the incidence wherein defective accelerator pedals sold by Toyota resulted in several accidents or the case of tainted oral polio vaccine containing strains of type 2 polio vaccine virus, there have been countless such instances where customer safety have been compromised. So, what is it that you find common in these instances? Yes…you guessed that right. It is indeed the need to recall the contaminated, counterfeit or defective products that had made their way to the market and ultimately the customers via the supply chain.

While recalling a contaminated/ counterfeit product is a proactive step towards customer safety, it can be an extremely overwhelming situation for businesses who have to deal with huge financial, as well as reputational damage. To respond quickly to such situations or incidents, businesses require becoming recall-ready by bringing in place a technology solution that can provide businesses with the degree of traceability required to deal with such crisis situations.

Blockchain – A shared ledger technology could be the answer to issues surrounding constant recalls, counterfeit products and consumer safety. By allowing stakeholders figure out the point of failures while alerting them at the same time regarding a potential mishap, Blockchain will not just help manufacturers/growers respond faster but will also ensure consumer safety.

With a Blockchain powered solution in place, retailers can provide their customers with indubitable proof of the provenance and product authenticity at every step within the supply chain. By leveraging Blockchain’s distributed ledger, harmonized database and robust encryption abilities, along with its capability to create smart contracts, retailers can gain advantage over their counterparts to successfully collaborate and augment trust across the value chain.

How Can Blockchain Expedite the Process of Recalling?

Within a value chain, a blockchain can accelerate the recalling process by providing the granularity required to recognize the problem and contain it. This way Blockchain could help retailers save millions of dollars by recalling only the product batch that is defective or contaminated. This would help curtail lengthy law proceedings, shorten investigations and sustaining liability all through the value chain.

With an iOT powered Blockchain solution in place, retailers (especially those a part of complex supply chain) can unlock unprecedented value. Such a solution can help simplify tracking and process automation for genuineness and tracking of provenance. This reduces risk, enhances customer safety and streamlines compliances.

While the IoT sensor present in such a solution tracks various aspect such as sourced components, as well as the real-time location of device within the supply chain; blockchain acts as a verified, shared system-of-record that archives and timestamps the complete string of events for the purpose of authentication and process automation. This provides the participants of the ecosystem with the transparency and visibility to deal with the risks associated with product recalling.

Quick Wrap Up:

It goes without saying that Blockchain has the potential to offer a convincing way of fixing complex supply chain issues such as product recalling for creating huge value. With an iOT powered Blockchain solution in place, the data pertaining to status of a product during transit or shipping can be captured, which further simplifies the analysis of root cause and auditing besides resolving issues related to product recalling and claim settlement.

Addressing the Pain Points of Food Industry by Implementing Blockchain in the Food Supply Chain

On a cold November morning in 2012, agents of the U.S. FDA (Food and Drug Administration) paid a surprise visit to ‘Castle Cheese Inc’ – a cheese factory based out in rural Pennsylvania. The company that was till then known for selling 100 percent real parmesan to some of the most renowned grocery chains was found to use substitutes and fillers such as wood pulp in their product. What followed next was an untold story of fraud and deceit about a company that had been known for manufacturing and distributing safe, healthy and honest product for almost a century.

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Decoding Blockchain Cryptography

Till now most of the people across different verticals know what blockchain is and how it is one of the most innovative technologies that has the potential to disrupt various industries. Blockchains are immutable, and forge-proof making them the best platform for data related transactions. Blockchain also happens to be a platform that prevents a diverse range of frauds including identity theft, financial forgery, data thefts and more. While collecting all the necessary information about Blockchain and its functions, most of us misunderstand the mechanism behind such a tamper-proof nature of this incredible technology. The secret of Blockchain security and tamper proof nature is ‘Cryptography’.

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Crypto Wallets – Best Way to protect your Cryptocurrencies

Cryptocurrencies, just like the fiat currency, are needed to be stored and secured. And just like the physical wallets, the cryptocurrencies also are kept in the wallets and generally, referred as Crypto wallets. In Crypto wallets, it is not the real coins that are stored inside, rather digital codes or two types of keys i.e. Private and Public key. Public key is visible to everyone and is used by others to send money. On the contrary, private key is used only by the owner of the wallet to perform send transactions. Losing the Private Key can result in loss of the currencies, since you lose whole control over your wallet and this is the reason it is recommended that at least two different techniques should be used for saving and storing of the private keys.

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Hashgraph & Blockchain: Similarities & Differences

The world is finally moving to the next level of revolution in IT & Internet. The Blockchain is tout to be ‘the internet 3.0.’ It is based on the distributed ledger technology, though the real potential of this technology was realized only when the Blockchain came into existence. And when, still many people are in the process of understanding use cases of the Blockchain Technology beyond Bitcoin, a new technology is making news, hyped as the ‘future of distributed ledger,’ the Hashgraph.

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Smart Contracts : The Next Generation Blockchain Platform

Smart Contract, also called as self-executing contract, blockchain contract or digital contract, is a set of instructions that automatically performs the obligations under the agreement, which parties have committed to. By being immutable and cryptographically secure, Smart Contract gives us the security of Blockchain Technology, that is, it provides distributed trustworthy calculations.

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Blockchain Smart Contracts- Logical or not-so-logical

Where ever there is a mention of Blockchain on the internet, you will always find reference to Smart Contracts too. The word Smart Contract originated in 1997, when Nick Szabo, used it to describe physical objects that change their behavior based on data. Today, in Blockchain, we used this word in a different sense. It is used to describe a computation that happens on the Blockchain which is influenced/triggered by external events/information such as the weather.

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How to build an Effective Blockchain Solution?

The Blockchain technology was launched through the paper titled Bitcoin, by, Satoshi Nakamoto, in 2008, as an amalgamation of public key cryptography, cryptographic hash functions, and proof-of-work consensus protocol. Technically, Blockchain is a digital ledger of records that are gathered in clumps of data called blocks and these blocks are connected with other blocks, eventually forming a chain ­­­­­­­­­- a Blockchain.

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Blockchain to Ensure Transparency in Carbon Credit Management

What is a Carbon Credit?

Carbon credit is a certificate that allows the holder or any energy company to emit one ton of carbon dioxide. It levies a cost on carbon emissions by creating the value of the credit for every 1 ton of hydrocarbon fuel. And the organizations or the groups that act to reduce the carbon emissions, get the credit granted.

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