Many businesses are seeing the COVID-19 pandemic as a watershed for technology and innovation investment. Technology budgets have been reprioritized with a laser focus on near-term return on investment as a necessity for most. At the same time remote working, lockdowns, and supply chain challenges have accelerated digital transformations that otherwise might have taken a decade to achieve. Organizations also face mounting pressure to enhance their sustainability and ESG performance to such a level that small, incremental change will not be sufficient. So where does this leave the role of blockchain?
Provenance
Automotive supply chains are about as
complex as it gets, with large OEMs needing to manage a global, multi-tiered
network of suppliers and yet maintain visibility and adherence to an
ever-increasing array of standards. Recently Groupe Renault along with
Faurecia, Knauf Industries, Simoldes, and Coşkunöz, in association with IBM,
have announced a new partnership to scale XCEED (eXtended Compliance End-to-End
Distributed), a blockchain-based platform that can trace the compliance of
thousands of parts assembled in a vehicle in near real-time.
Identity
COVID has
escalated the consideration of digital health data and self-sovereign identity
to a level never seen previously. Having worked with governments, airlines,
sports and entertainment venues, large employers, academia, and many others
over the last 12+ months, it is clear that verification of health credentials
is a highly challenging and controversial topic. Government policies vary on
the topic, standards are only just starting to emerge, and citizens and
enterprises are rightly focused on preserving privacy and equality with our
national and international responses. IBM is supporting countries like Germany
as well as the State of New York to issue trusted, privacy-preserving
credentials.
Tokenization
The recent
announcement with IPwe was exciting for several reasons. IP management and
patents are complex domains that, while relatively democratized in terms of the
application process, suffer from a significant amount of manual and legal
effort to manage. Here’s where the tokens come in: IPwe sees significant potential
in issuing patents and non-fungible tokens (NFTs) to allow them to be more
easily sold, traded, commercialized, or otherwise monetized, bringing new
liquidity to this asset class for investors and innovators. This should also
make the transaction process far simpler across a potentially global audience.
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Email at: - sales@blockchaindevelopments.io
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