Blockchain and nanotechnology are the transformational technologies that bring transparency in supply chain management.
FREMONT, CA: Besides, being the widely-known technology that supports cryptocurrency called bitcoin, blockchain technology can also be utilized in several business areas such as healthcare, finance, and supply chain. Knowing the extensive potential of this technology, many IT companies have invested big in this technology in business enterprises for different applications.
While there are a number of challenging parts in the supply chain management, the enormous universal criminal market in counterfeit goods, the blend of blockchain and nanotechnology can address this. Forged products can affect the business profits majorly and put severe impacts on brand trust, thereby ruining customer relationships.
Blockchain is well-known for its tamper-proof nature and unchangeable data storage as a factor, as well. In short, technology halts the sharing of information amongst multiple users after being stored. Blockchain is considered the most secure way to store data and reliable with numerous members in a business network.
Focusing on the big business of crime, recent industry statistics show that counterfeiting is almost a $1.8 Trillion endeavor that covers the entire world. Counterfeiters mostly target products like luxury fashion accessories, pharmaceuticals, auto parts, and consumer electronics, which significantly impact businesses, both financially and reputationally.
Many tech companies have developed nanomaterials, known as nanoscale semiconductor particles that hold beneficial optical and electrical materials. It measures from 1,000 to 100,000 atoms in size, equivalent to the diameter of a human hair.
The innovation is also built-in commercial quantities of quantum dots that can be finely tuned to generate programmed wavelengths of light that can create many unique optical signatures. The particles can also be incorporated within any physical item during the time of manufacturing, and produce a unique light signature that brings absolute product identity. The generated identities cannot be duplicated or cloned, which helps in verifying if the product is genuine or counterfeited. Additionally, while scanning a product, a digital representation is generated and stored on a secure and tamper-proof blockchain platform. The blockchain platform thus allows tracking of products and helps in bringing out better transparency within a supply chain.
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