The CEO of VeChain, a public blockchain service provider, has explained the workings of the public digital ledger, which is undergoing experiments with major global supply chain players.
Sunny Lu has used the example of people being witnesses to a couple stating their love to one another.
DNV GL, the risk management and quality assurance company, recently bought a stake in VeChain as the concept of blockchain is to create a network that ensures a consumer can find how a product was formed, its point of origin and its journey through the supply chain.
Big players in global trade such as Maersk and Alibaba invested in blockchain after it gained popularity as a method of building trust in the supply chain.
An author and expert in supply chains with the World Economic Forum, Wolfgang Lehmacher, has written several Port Technology technical papers which explore blockchain’s relevance to port operations: 'Blockchain Technology for Ports' and 'Blockchain Pt II: Powering Port Collaboration'.
Another writer for PTI, Darko Djuric, Blockchain Business Integration Advisor, CargoX — an independent supplier of blockchain-based Smart Bills of Lading solutions, will be releasing a new technical paper in the next edition of Port Technology which will explore what he has uncovered about blockchain’s potential in port operations.
In the paper, which will reach subscribers of Port Technology’s journal at the beginning of June, Djuric stated that blockchain is a viable solution to cyber threats as it is “a strict separation of the trusted element from the hardware”.
He added: “Crucial information should be kept apart from the computer — think along the lines of cloud computing.
“However, cloud computing still relies on data centers — critical centralized infrastructure that is demonstrably inferior to Blockchain in terms of data integrity.”
