WEDF | How to approach Blockchain Solutions!
World Ethical Data Forum
28/09/2019
Introduction
- “On the Ground”
- Infrastructure & Data Technology
- Human-Centric Values (Customer, Partner, Employee)
Conclusion
*How the monitoring of Ethical content distribution in the Blockchain adoption process will make a difference.
Introduction:
Supply Chain Solutions on the Blockchain
I want to take my opportunity with WEDF to go beyond the hype of ICO’s, STO’s and all the Initial adoption driving chaos so many people get drawn into when they start entering this space.
In this my first article I want to take a look into two Supply Chain Solutions that present themselves as being on a Blockchain Ledger or (DLT — Distributed Ledger Technology) and to what extent managers, VP’s, Directors and C-Level executives can trust the information they read.
Getting the right Blockchain, Supply Chain Solution for your business is not going to be an easy task. New and improved Blockchain solutions are sprouting up almost every day, each one with their own unique style and solution to the same “problem”. Supply Chain touches and affects every single person on this planet! Therefore it is imperative for all parties when entering conversations with Blockchain Solutions to know the key concepts to look out for.
In this example, BEEF Chain partnered with TE Food to verify their Beef Supply Chain on the Ethereum Blockchain in an announcement on June 2018 but has of yet not updated their Website making the article an easy example of how content can be misleading to the broader public.
My article herewith serves as a starting point to educate people on the nuances between what is real and what is not!
“On the ground”:
Literally and Figuratively speaking, as it would not be possible for the Supply Chain process to take place if it could not be verified on the ground from the source to the end of the line. Blockchain Technology is the tool to
- increase the speed,
- verify the immutable transparent data,
- save admin and paper costs,
- provide instant payment ecosystems and
- provide a traceable data trail for anyone to view.
This means that a Blockchain company that proposes to verify the supply chain of your product would not be able to do so if they did not have the staff in place to implement a traceable element from the source of the product.
Let’s take meat for example. Here are two companies with their mission statements:
“TE-FOOD provides solutions from object identification and product serialization, to data capture through interfaces or our B2B mobile app, data storage on blockchain, data processing to follow custom protocols and tools to present the food history to the consumers.”
“In order to use the Food Chains Decentralized traceability ledger, Supply Chain Companies have to obtain the appropriate number of software Licences. TFD is the Tokenized Software Licence, based on the Ethereum Blockchain”
“BeefChain creates a model for the rancher that accomplishes two objectives. The first is to bring technology to therancher in order to enhance traceability and prove humane handling. BeefChain’s RFID tags and other IoT device supload unique cow/calf information to the blockchain to establish immutable, auditable provenance to better capture the free range, grass-fed premium.
The second is to create an end-to-end supply chain solution we call “Rancher to Retail” through BeefChain invest-ment in feedlot and processing operations. These operations will allow BeefChain to offer exclusive, long-term relationships with buyers across the globe.”
Here both companies make the same statement with one big difference. TE Food is on the Ethereum Blockchain and can be traced on it and BEEF Chain states their information is going to a Blockchain but does not disclose which one, being it their own in development or one they have adopted, Centralized or Decentralized.
In order for this to work “On the Ground” both lay claims to tagged ecosystems.
“To present proper food history data to consumers, food producers always have to face the challenge of product serialization: Printing item or batch level serialized QR codes on the retail products and connect the serials with the historical data of that item/batch.”
The important part here for the farmer is to be able to be a part of this data and the team uploading the historical information to prevent the project from being built on incorrect foundational information from the start.
Infrastructure & Data Technology
- Object Identification
- Data Capture
- Data Storage
- Data Processing
- Data Presentation
TE Food taking the example here over the BEEF Chain’s Website with a breakdown of how the Data will be accurately captured onto the Blockchain. Once captured the Smart Contracts go to work and this really is where the cost savings start. No paperwork, no admin; an automated, decentralized ledger that can’t be tampered with.
You are as good as your code and recently introduced Audited processes on Blockchain Smart Contracts have started seeing some traction, (well, I suppose it depends on which side of the fence you are on).
In a landscape where regulation and legislation is still being developed, this path will be one avenue to follow, to ensure Blockchain and Business standards are met.
Companies like Callisto Network offer a free audited service reducing vulnerabilities that could hurt investors later should the platform scale. Callisto audits cover:
- Smart Contract Security Audits
- Full-Service Audits
- Overall Smart Contract Architecture
- Full-Service Smart Contract Solution
- Identify Potential Bugs and Label them accordingly
This certainly brings confidence to a platform for investors and partners. Recently Microsoft’s GitHub announced that it had acquired Semmle a code analysis tool that helps developers and security researchers discover potential vulnerabilities in their code. The big benefit here is that this will be done automatically before the codes with problems go too far, which will save developers a lot of time and costs if promptly flagged.
Blockchains like Ethereum also provide services like Etherscan that make it easy to follow transactions, increasing transparency to all.
Human-Centric Values (Customer, Partner, Employee)
A fundamental part of the experience with your chosen platform or your own if you decide to develop it is the Human Centric availability and interaction between all the parties involved.
Social Media platforms need to be covered and more importantly maintained. BEEF Chain has no Social Media links on its website and No connections or images to the Team Members or Partners. In fact, there is not even a mention on the website that they have partnered with TE Food, (something I thought would be an honor to do and part of the partnership agreement).
There is nothing worse than connecting to a Telegram group and seeing messages of airdrops, spam and price signals of other projects. It is a clear indication that the admins have no discipline and me for one immediately leave. Why? Well, can you imagine what the rest of the outfit looks like?
You will soon get a gut feeling about the group and how strong the community is when you start asking the right questions. Build a relationship and dive into their knowledge to learn as much as you can.
Research the team and especially when they are on LinkedIn. Connect with them and ask them questions, this way you will start to know how involved they really are. Some of the larger Blockchains like to display the partners they have teamed up with. This is a good thing, bearing in mind it's actually so. Do your research, connect with the companies and ask them to what extent their partnership lies? Make sure it's from the correct website and not a fraudulent one, yes… check the i’s and the t’s and the /’s. As a measure I always start from either one of two websites:
- Coingecko or
- Coinmarketcap
Search for the platform and from there move onto the website, social media or exchange.
Conclusion:
In the process of technological progress, combined with the exceptionally fast-paced Blockchain Industry, there will be no room for error. Strict research and consideration will be needed to make the right choices. This takes us back to Initial Offerings where projects create a certain amount of hype to gain much-needed capital to build their platforms, (or not).
Statistics show “pump and dump” the Coin/Token is a Coin/Token, there is most of the time nothing special in the contract it was written too, besides the idea or concept. Demand determines the price and inflated Public Relations and Marketing can do just that.
Business Blockchains brings us new and unique opportunities to view a better and smarter way to do business, the trick is to avoid the “bad apple”.
“As deep fundamental research on a Civil and Governmental level has been limited over the last few years, scams, good ideas with poor execution and even larger software developers driving adoption with less secure implementation has prompted me to look into how these platforms, ecosystems, and enterprises conduct themselves.” #morneolivier
In this article, on the outset, both websites offer us a great avenue into introducing our Supply Chain data to the Blockchain. But with a closer look, the BEEF Chain Website couldn’t offer us much value besides stating that they could do so.
TE Food on the other hand does. The fact that under the “About Us” page TE Food has an announcement of a partnership with BEEF Chain from June 2018 but yet no changes have been made to the website of BEEF Chain or any mention of upcoming data has been relayed to the public becomes a concern. The partnership also raises regulation questions in the U.S.A. as the tokenomics of the TFD Token on the Ethereum Blockchain would be the ecosystems form of digital payment.
In Summery
- The Human factor: Management, Staff, and availability
- Standard Business Practice: Code of conduct, policies, and procedures
- Equipment: Compatibility with a Blockchain
- Software: Codes, Smart Contracts and is it audited?
- White Paper / Roadmap: Proof of work
Blockchain might be ‘’new but it doesn’t mean it excludes normal business practice, therefore if a company or website says it does something it needs to do just that or at least state it is in the process of doing x, y & z.
Morne Olivier | DM me on LinkedIn
#morneolivier #Disclaimer Medium Hackernoon Twitter Telegram FaceBook
WEDF Disclaimer:
The World Ethical Data Magazine strives to ensure a forum for unbiased facts on emerging technology.
Our articles reflect the author(s) opinions and do not necessarily reflect the views The World Ethical Data Forum. WEDF assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon. All rights reserved. Please contact us with further questions.
“The World Ethical Data Forum is the world’s new focal point for business, social networks, fintech, cutting-edge IT, government, R&D, and media. It is where the discussions of consequence happen. From this clash of ideas will be born the powerful technologies, laws and interpersonal networks of the future.” — PHILIPPE VAN NEDERVELDE, FORMER EXECUTIVE DIRECTOR OF THE FORESIGHT INSTITUTE
Join us in London July 1–3, 2020 This leading event for impartial and balanced exploration of urgent ethical and practical questions around the use and future of data.
https://www.slideshare.net/MorneOlivier1/wedf-brochure-september
https://twitter.com/wedfglobal?lang=en
Reference
