Blockchain technology is still making waves in the world despite the opposition and criticism it has gotten from different sectors. There are many powerful groups that acknowledge that blockchain technology is the future. These groups want to be on top of the emerging technology so they will not be left out. Two powerful groups, Levi Strauss and Co and Harvard University are among the few who are exploring blockchain technology. Recently, both parties announced that they are working on a blockchain factory safety system.
Harvard University And Levi Strauss Team Up In collaboration with the American clothing firm, Levi Strauss, Harvard University is working on a system that will replace all external factors safety and health auditors in the future. This system, according to Dr.Eileen McNeely, one of Harvard’s representative, is going to revolutionize the supply chain. McNeely said:
“Over the last 35 years, the supply chain of various industries have been monitored primarily by audits. A distributed system is the best for managing these chains because it offers a new solution from the source.”
Both parties have agreed that three of Levi Strauss’ factories in Mexico will use this system first before it is made available to the public. These factories will use the system this year during a test run. Another pilot has already been scheduled for the year 2020. The system will allocate an annual safety survey using blockchain technology.
During the survey, the company will use an index that was created by the T.H. Chan School of Public Health in Harvard. An executive director at Blockchain Trust Accelerator, Allison Price, said that the result of the survey will be put on the blockchain thus eliminating the possibility of data manipulation.
ConsenSys, the blockchain startup owned by Ethereum’s co-founder Joe Lubin, will provide the blockchain that will be used for the pilot. The system is being funded from a grant that was released by the United States State Department for the development of emerging technologies.
This project may give ConsenSys the boost it needs to carry on. You see, the blockchain startup was one of the many companies that suffered during the bear market of 2018. Last month, the company was making plans to downsize. Already, about 10% of its staff from technical and support roles have lost their jobs. However, the company is still planning of letting up to 60% – 70% of its employees go.
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The bear wave that led to this downsizing was the same one that costs cryptocurrencies up to 90% of their all-time-highs. Bitcoin, the flagship cryptocurrency fell by more than 75% from nearly $20, 000 to about $3200. The total market capitalization of cryptocurrencies fell by nearly $700 billion. Many of these startups were affected because they depended on cryptocurrencies to function. Some kept their company reserves in BTC while others invested heavily in cryptocurrencies last year but were unable to get any tangible RIO. Also, there was a drastic reduction in the demand for cryptocurrencies and this also affected cryptocurrency-related startups.
Do you think this blockchain-based factory safety system will eventually overtake the traditional supply chain audits? Share your thoughts in the comment section.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
