On Monday, software service provider Chain.io announced it was bringing fellow Philadelphia-based logistics company BDP International on board to develop a blockchain-backed supply-chain management database, called Vault.
The service will store supply-chain compliance records with the higher level of security associated with the encrypted network known as blockchain, which has been used in the financial services industry to secure the trade of cryptocurrencies like bitcoin in the past. Chain.io’ Vault will store critical data, including sourcing records, chain-of-custody information, tariff classification support, vendor security audits and general documents.
It’s been a big week for blockchain – this week Chinese e-commerce giant Alibaba announced the development of its own blockchain-based software for internal use. Vault will market the same technology as a service to BDP customers intent on improving logistics data security.
Brian Kautz, BDP’s chief information officer, stated, “seeing blockchain solutions come to fruition with immediate, real-world use cases is a watershed moment for technological progress.”
The product will be available in “coming months,” said a statement from the company, but an official release date has not been made public.2 - Readers Like This Post