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New Normal, Digital Transformation, Industry 4.0

Trust | Transparency | Traceability

Blockchain Technology For All

29 July 2021  |  Blockchain, Emerging Tech, Traceability

As the Blockchain Ecosystem is growing fast, the most critical aspect emerging implementing a proper Blockchain Strategy. It is imperative that blockchain technology proactively provide digitally permanent, auditable records that show stakeholders the state of the product at each value-added step. TRST01 attempts and specializes in helping companies develop robust blockchain-enabled solutions best suited for organizations specific business needs. TRST01, acknowledge the philosophy of technology and innovation should reach the commoner, and technology should benefit ordinary people. Trust, Transparency and Traceability should not be exclusive and for a few.

When it comes to emerging technology such as Blockchain, many protocols exist and keep increasing as we excel in technological advancement. Some notable in the present-day protocols include Ethereum, BigChainDB, ChainCore, Corda, Credits, Hydra, Multichain, Openchain, Quorum and Stellar. Applications built on such protocols are called Decentralized Applications (DAPPs). dApps run on a blockchain network in public, Decentralized environment and are free from control and interference by any single authority.

Unlike a public blockchain, a Private Blockchain is a permissioned blockchain where networks place restrictions on who is allowed to engage in the network to perform activities and in what transactions. It enables only certain authorized entities to participate in a closed network and grants specific rights and restrictions to participants in the network.

When compared to the public Blockchain, a private blockchain is more centralized. Examples are Ripple(XRP) and Hyperledger. Both public and private networks have pros and cons in terms of usability and functionalities.

The selection of a Blockchain protocol depends on the intended end-use.

TRST01, a Blockchain service solution platform combined with other emerging technologies, provides flexible protocols based on business use cases and objectives.

TRST01 platform builds on the principle of Blockchain Agnostic, Interoperability and offers to choose use any blockchain protocol, not restraining a company’s right to choose and be flexible.

Businesses can quickly gather and present information and stories about products and their supply chains, including verified data to support them. By connecting this information to products and services, in-store packages, and online, a storyline is conveyed to users by connecting the dots of discovery/origin, journey, and impact.

The current challenge in Blockchain is Platform interoperability. It includes several functionalities and abilities such as Integration with existing systems, initiating transactions on other networks, conducting transactions with other chains, etc. This kind of additional values parameters is essential and needed in every other industry, be it in the supply chain, trade finance, healthcare, insurance, retail, etc. New technologies are beginning to offer farmers, manufacturers and brands innovative tools to verify materials efficiently and reliably through specific on-product markers. These technologies will improve how companies can map, audit, certify, and monitor their value chains, allowing them to tackle issues head-on and build transparent processes.

TRST01 focus is always on the connectedness of the various systems in the industry, and not attempting to solve this by uniformity indicates that TRST01 is on the right platform to provide solutions in Industry 4.0 on Track and Trace, Document Authentication, Supply chain and Smart Contract. Nowadays, many businesses are turning to Blockchain as a solution, recognizing its ability to create a digital identity for products, increasing traceability across the value chain, and providing consumers with a clear picture of where and how their produce is sourced?

In turn, the output is “Increased Transparency”, which exposes unethical practices, encourages businesses to become more sustainable, and meets consumer demand.

Conclusion: The Indian Emerging Tech ecosystem has also seen the rise of several blockchain startups, some of which also make themselves known globally. TRST01 keep striving to harness the ability to host multiple Blockchain protocols in platform architecture. TRST01 focuses on solutions for the more extensive ecosystem and organizations trying to adopt blockchain technology for distributed computing, trust validation, and simplification processes.TRST01 BaaS product platform approach ultimately drive cost-saving efficiencies and enhance the consumer experience. TRST01 philosophy is BlockchainTechnology For All (BTFA), technology and innovation must reach the ordinary person, solve common day-to-day problems, and facilitate ease of living.

Reference

Private Blockchain: How it is Different From Public ….

https://www.blockchain-council.org/blockchain/private-blockchain-how-it-is-different-from-public-blockchain/

TRACING ORGANIC COTTON FROM FARM TO CONSUMER.

https://www.bext360.com/wp-content/uploads/2020/01/Bext360-Cotton-Trace-Pilot-Final-2020.pdf

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