Blockchain technology seems to be getting a lot of traction these days. This is exactly what the new industry needs to reach massive adoption. On the 24th of January, a press release stated that the British Standards Institution (BSI) has entered a partnership with a blockchain-based startup, OriginTrail. The goal of the partnership is to promote transparency in the supply chain. BSI intends to use the company’s blockchain-powered protocol to promote options for businesses when it comes to maintaining the compliance of regulations on their supply chains.
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The partnership between BSI and OriginTrail is one of many partnerships that OriginTrail has initiated as part of its blockchain and cryptocurrency strategy since its initial coin offering was completed in January last year. The chief executive of BSI, Howard Kerr in the press release said:
“Today, there is an increase in the level of interconnection in the world. The world has become a global village and this has made traceability and transparency more important than ever. This partnership is going to provide clients with the ability to demonstrate the authenticity of compliance using digital records of certifications and assessments they have achieved so far.”
Practically, the partnership will be focused on five key parts. According to the press release, these key areas will help BSI clients meet up with regulatory standards, manage their business risks and increase transparency in product recalls. It will also give them more information about the global supply chain. Currently, BSI clients can apply blockchain services. These services were in their pre-release phase at the time of the press release.
British Standards Institution is commonly called BSI. It is a national standard body based in the United Kingdom. The body produces technical standards for many services and products. They also offer supply certificates and standards-related services to clients.
Founded in 1901, BSI was initially the Engineering Standards Committee in London. Eventually, it’s services extended and it became the British Engineering Standards Association in the year 1918. The current name, British Standard Institution, was adopted in the year 1931. The group operates in more than 182 countries and recorded about $616 million last year. While the primary focus of the group is standards services, the institution makes revenue from system assessment management and certification work.
Blockchain Makes Progress On A Global Scale
This is one of the many moves that shows that blockchain technology is making progress in terms of adoption. This month alone, many big brands have entered into blockchain-related partnerships. Most of the progress is being made in the supply chain and data management sectors. This is happening even at a time when the most popular application of blockchain technology, cryptocurrency, is facing a bear market. It shows that blockchain technology goes beyond cryptocurrencies.
In the ongoing World Economic Forum, a blockchain was used to track fish that was served on the first day of the event. This was an excellent example of the integration of blockchain technology in the supply chain. It also helped create awareness about the emerging technology.
Do you think integration in the supply chain will overtake cryptocurrencies as the most common application of blockchain?