The last couple of years have seen blockchain utility reach new heights. The most transformative technology of this generation has been disrupting almost every industrial sector. From securing transactions to helping track goods in a supply chain, the tech is even being considered innovative enough to disrupt next-generation techs such as 5G.
The benefits of distributed ledger technologies (DLT) as a whole are abundantly clear. These decentralized networks provide next-level security, efficient yet cheap transactions, utmost transparency, trust, and scalability. Almost all major tech companies have a blockchain-based project either in play or in development.
According to the recent Nasdaq report, U.S based retail giant Amazon has recently secured a patent that would allow it to integrate blockchain technology in its supply chain network. The patent was filed last month and is expected to impact several sub-sectors of Amazon’s huge supply network.
Product tracking
As per the patent, the company wants to verify and track packages using a “distributed electronic ledger.” A catalog would be set up which would act as a database for details about individual products at multiple locations. Data about an item’s history, ranging from production to consumption, would be available.
The patent also mentions Hyperledger as a possible platform upon which this system would be developed. Developed by Linux and backed by IBM, Hyperledger has been involved with several blockchain-based projects and many of them were of similar nature.
The idea behind Amazon’s endeavor is to tag the products at the start of its life cycle with Amazon and track the product to allow supply chain participants, including manufacturers, distributors, and even consumers to gain access to its history to help the customer make a decision before purchasing it.
According to Amazon, this move will help with its fight against subpar and counterfeit products being listed on its product catalog while also making the system more transparent to the customers.
Regarding this, the patent adds:
“Trust is earned. Once trust is lost, it can often be difficult to regain.”
Besides Amazon, Chinese tech behemoth Alibaba has also been working with blockchain technology to develop a platform to support small and medium-sized businesses under its fintech arm, Ant Financial. The company had revealed the project back in September and has been adding various partners to the consortium.
This will enhance Amazon's business and increase the peoples trust in Amazon. Thanks.