Blockchain technology startup Skuchain and NTT Data Corporation have partnered to bring blockchain's benefits to supply chains.
According to a release, the partners will work to complete a system that integrates blockchain with the internet of things (IoT), and combines Skuchain's EC3 blockchain platform and NTT DATA’s iQuattro platform.
The blockchain solution is aimed to help solve problems with traditional supply chain methods, including data unavailability, issues in manual processes, increased costs due to lack of coordination, market failure, and more.
Skuchain and NTT Data will jointly market the product to enterprises in Japan and other markets, the release states.
The integrated blockchain-IoT solution is designed to manages and optimize all aspects of a supply chain, utilizing Skuchain's Popcodes app for tracking supplies and the firm's Brackets smart contracts app for managing flow of transactions.
The partners have already completed a pilot in partnership with a Japanese firm and its supply chain in China. Skuchain and NTT Data now plan to conduct additional pilots with other Japanese companies.
Blockchain technology is increasingly being eyed by the supply chain industry as a means to bring new efficiencies and lower costs.
Last September, Mizuho Financial Group also announced a partnership with tech conglomerate Hitachi to develop a blockchain platform for the industry.
While, AirFrance, too, has tested the tech to see how it can apply blockchain tech to track workflows within its aircraft maintenance systems.
Logistics image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.