Tristar Group has teamed up with Dubai-based startup Block Gemini Technologies to develop a Proof of Concept (POC) that it says will use blockchain technology to make supply chains more transparent.
“Blockchain technology gives us the ability to provide irrevocable verification and oversight to complex processes and movements of products to our customers,” said Eugene Mayne, Tristar’s Group CEO.
“Records stored in the blockchain are computationally almost impossible to alter, leading to unprecedented verification and transparency to all stakeholders involved in a particular transaction,” said Eugene Mayne, Tristar’s Group CEO.
“Blockchain technology has the potential to disrupt the logistics industry in the same way that the internet disrupted traditional business models around 20 years ago,” he added.
Tristar’s blockchain implementation is underpinned by IBM’s Hyperledger technology and runs on Amazon Web Services cloud platform.
Complete end-to-end warehousing and transportation processes will be captured in Tristar’s private blockchain, providing real-time oversight and analysis, the company claimed.
Additional benefits include the reduction in usage of paper, elimination of human error, and the ability to optimise warehousing manpower, scheduling, and deliveries.