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 an “integrated blockchain-IoT” system combining 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.
In October 2017, CGI, Bank of Montreal, Royal Bank of Canada, and Mitsubishi UFJ Financial Group, Inc., announced the successful completion of a proof of concept between CGI Trade360, a bank trade finance platform, and Skuchain Brackets.
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
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Skuchain, NTT Data Partner on Blockchain Supply Chain Venture