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How Covid-19 focuses on supply chain failures?

How Covid-19 focuses on supply chain failures?

While the Covid-19 pandemic begins to spread, multiple companies are confronting an unpredictable future. With numerous furlough programs in effect across the world that shield companies for the short term, there could be a window of opportunity to evaluate your business plan, examine emerging developments, and figure out the best direction to follow until the ‘new standard’ is formed.

These sorts of issues often need a little move back,

Alan Vey, the co-founder of the Artos blockchain development company, says to The Block.

With no flying, an enormous amount of room has been set aside for families. Things have slowed down a bit to do some strategic planning and look ahead. It’s a perfect opportunity to find possibly any crucial innovations that might make a change.

Good protection is a successful attack, as the phrase goes, and with blockchain, problems that have already been found across the supply chain – whether food, personal protective equipment (PPE), or others – might contribute to a few post-COVID-19 converts. No less than the World Economic Forum (WEF) stated earlier this week that a ‘thinking’ deployment of blockchain technology was required. " class="pin-it-button" count-layout="vertical">

How Covid-19 focuses on supply chain failures?
How Covid-19 focuses on supply chain failures?

I think the [blockchain] supply chain technology will boom,

says Annika Monari, co-founder of Artos.

If you start talking about how the price of paracetamol has increased, not getting a toilet roll for a few weeks – the loss of exposure that relies on a world’s governing system is distinct from ours is a very real business concern.

How Covid-19 focuses on supply chain failures?

These kinds of risks have not been so much appreciated so far,

Monari adds.

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Blockchain will provide a lot of value in having the consistency, traceability, and oversight when you have such supply chains, in order to be able to detect downstream problems even quicker.

This is not the only area that those who support blockchain see advantages, however.

I think it’s really fascinating to see some of the initiatives out there that are looking at reconciling data on COVID – monitoring data, outbreak data – and use blockchain technology to seek to standardize the data structure and function as a common source of reality for that data,

says Monari.

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Monari and Vey created Artos in early 2018 after having previously introduced Aventus, an Ethereum-based network aimed at mitigating fraud in ticketing utilizing blockchain technology. Artos offers proprietary technology, built on Ethereum, including features such as a powerful transaction engine, asset lifecycle management, and cryptographic security, to guide businesses on their journey from ideation to implementation.

As a result, the two soon realized that the possibilities of their business went beyond ticketing.

Ultimately, what we did was see how relevant this technology was to some kind of supply chain or value chain – indeed any company,

says Monari.

Blockchain will have a huge effect on the way businesses operate with other corporations. We began expanding out more – our approach was relatively generic, so that’s why we formed Artos so agreed to be the gateway to blockchain for business.

This ‘path to blockchain’ is a significant aspect of Artos’ messaging – yes, it is a licensed trademark – but the organization is strongly placed as a platform supplier rather than a consultancy or creation store. Nevertheless, training and raising the information gap plays a role in the early stages.

Some of these innovations, such as AI or cloud, just before that … before you launch, nobody even knows how to use it,

Vey says.

They realize it can be beneficial, but they don’t realize when it is best done exactly how to implement it.

 

It’s just teamwork with the initial customer, knowing the market, knowing the sector, combining our skills, how this technology might function, and then encouraging them to pursue additional implementations and solutions,

he continues.

In the first year or two of [project], we’re potentially very consultative-heavy, however, we’re heading more and more towards modular solutions.

The push to develop Artos’ technologies on Ethereum, or more broadly on public blockchains, is thus assertive. It is especially noteworthy considering that others in the sector do not yet see it as a business norm in terms of transactions per second, despite the fact that organizations such as StarkWare have made substantial strides in recent months.

Monari explains the rationale behind long-term public blockchains.

It’s the same way you think of the intranet versus the Internet,

she says.

An intranet is very useful within an entity, within divisions, so as you start attempting to attach more users to it and using it as a layer of data sharing, a layer of knowledge sharing, it starts to lose influence as it is managed by one or a few parties.

“The Internet is so strong – it’s a centralized networking system regulated by no one,” Monari continues. “It creates interoperability between data, people, and organizations – and we have the same view of blockchain technology.

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How Covid-19 focuses on supply chain failures?

There’s nothing wrong with approved blockchain – for now, it’s the quickest way to get up and running so that’s why people are implementing those – but eventually all of those authorization applications would need to be linked so interoperable.

One of the aspects that makes blockchain so theoretically wide-ranging is its effect on the supply chain; utilizing the analog ‘farm to fork’ Going back to the example of ticketing, Artos sees it as a demand chain rather than a supply chain.

“For ticketing, anyone from the location, to the organizer, to the ticketing service – they wouldn’t find themselves a supply chain, it’s a demand chain,”

Monari says.

“By providing clarity or traceability to what happens in a value chain to an adjacent value chain, or regulator, is where this technology can be so strong.”

Vey adds that there is a misunderstanding on where precisely blockchain applies.

“It’s really challenging to provide a descriptive and correct response to that, as it’s like wondering where a personal machine is heading,”

he says.

“It’s a computer that can be designed to manage a whole host of use scenarios. Blockchain is really similar – it’s a general-purpose system that is programmable by smart contracts; it’s scalable because multiple usage cases can be built to derive benefit from it.

“As before, this understanding of the flexibility and effect of blockchain is becoming crucial to many in the ready-to-transform industries. With this in mind, Artos is bringing together a webinar collection, with a webinar on the metals and mining sector heading to live earlier this week.

It’s still really complicated at this moment – so one of these positives is that there’s a little more flexibility to do certain stuff – and one of those items is thinking about emerging technologies,”

 

Monari says.

“It’s sort of why we began this show – we know that people have more time, so we hope that we will develop some awareness so help them make choices about their businesses based on potential patterns.

 

 

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