As blockchain innovation continues to disrupt industries like shipping and supply chain tracking, with many ports and port operators around the world adopting the emerging technology, including the largest port operator in the UK.
CCN.com spoke with Angel Versetti, CEO and co-founder of Ambrosus, to learn more about blockchain in supply-chain tracking.
Versetti’s background is with the UN, working from the age of 19 as a Research Assistant for the Weapons of Mass Destruction Programme at the UN where he was the youngest UN project leader and published author. He founded a VC advisory firm that invested in cryptocurrency and then went on to work at the UN Trade & Investment Division and the UN Department of Technology & Industry. Now Ambrosus has been recognized as a partner to the United Nation’s One Planet Network.
Describing the applications of distributed ledger and blockchain tech to this industry, Versetti stated:
Blockchain can protect the integrity and verifiability of sensor data, while smart contracts can enable the automatic governance of food supply chains and manage commercial relationships between the different actors within them. Consumers are in the dark about what they actually eat; farmers are forced to adopt the cheapest agricultural techniques, ones that often pose health risks, and are then squeezed out of profits. Large manufacturers of food or pharma products are primarily concerned with maintaining market share and are concerned with food and pharma safety only to the extent that it protects them from legal liabilities.
He also cited the scandals in mislabelling, fraud, contamination, and unclear origins in the supply-chain industry as pain points which can be addressed by blockchain.
Supply chain networks are prone to risks of non-payment and malpractice, and are dominated by a small, collusive group of intermediaries who pay minimal prices to suppliers and charge a significant premium to end clients. Ambrosus’ technology and its implementation can help to combat these numerous issues.
Versetti told CCN.com that the aim of Ambrosus was to utilize sensors and IoT to contribute to the blockchain-based data revolution, and stated that the company is setting its sights on alleviating poverty, spurring economic growth, and facilitating integration of trade and finances. He added that the company’s primary focus was improving supply-chains for life-essential products like food and medicine, utilizing a system of interconnected quality assurance sensors that record the history of food, for example, including its origin, storage temperatures, and transport vehicles.
With IBM, the world’s largest shipping company, rolling out blockchain integration to improve supply chain tracking, the use case for the technology in the industry is clear. Indeed, the World Economic Forum has stated that blockchain technology could generate $1.1 trillion in global trade overall.
Last modified: March 4, 2021 2:30 PM