Ey blockchain supply chain
Big Four firm EY has announced a significant investment into its Blockchain Analyzer product, as well as, separately, the release of its zero-knowledge proof ZKP private transaction protocol into the public domain. Big Four investment in blockchain signals that the technology will have a significant impact on the accounting industry in the coming years. EY Blockchain Analyzer is, as the name suggests, an analysis tool for blockchains. According to the firm, it has undergone significant developments as part of a multimillion-dollar investment and is expected to be available for use by EY client-serving teams in across a selection of more than EY Assurance clients that hold or trade cryptocurrencies or operate in the blockchain ecosystem. These developments include the support of multiple new cryptocurrencies on the platform, added functionality relevant to private and public blockchains, and a globally accessible and available platform. Originally, EY Blockchain Analyzer was designed to facilitate EY audit teams in gathering an organization's entire transaction data from multiple blockchain ledgers, to reconcile that data to EY clients' books and records and to perform enhanced analytics, including trend analysis and identification of outliers.
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Ey blockchain supply chain
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- EY OpsChain Traceability
- EY launches supplier procurement blockchain app on Ethereum using Baseline Protocol
- EY’s Emerging Technologies and Blockchain Solutions
- EY extends partnership with SAP to increase global Blockchain deployment
- Making Blockchains Real with EY’s Paul Brody
- How Blockchain Is Revolutionizing The Supply Chain Industry?
- EY blockchain hackathon part of growing digital solutions
EY OpsChain Traceability
We share real-world use cases where blockchain technology is helping to achieve supply chain optimization for companies large and small. In fact, development is continuing at a blistering pace, and the revolution happening in supply chain optimization and management is a great example how blockchain has the chance to modernize the world. The Capgemini Research Institute recently conducted a survey of organizations, and the results were surprising. More than half of the organizations, in total, claimed that they were in the trial stage or further of implementing blockchain technology in order to modernize their supply chain.
Given that just a few years ago blockchain meant Bitcoin meant criminals, this is tremendous growth in such a short amount of time. The protocol enables private transactions on the Ethereum smart contract platform. Actions speak louder than words, and this commitment shows that EY believes that Ethereum has a strong chance of being adopted globally. While the cryptocurrency is still in its childhood and many technical hurdles remain, the Ethereum Enterprise Alliance proves that there is a huge potential for businesses and blockchains to work together.
Supply chain management will no doubt play a role in that. What makes blockchain in the supply chain industry so exciting is the way it allows for easy, yet immutable, record keeping.
A shared, secured ledger that every person involved in the supply chain, from the producer to the shipper to the retailer, can easily read and also write to.
With blockchain supply chain optimization is easy since there is no paper, everything is digital. In seconds any person can find out the entire history of the product they have in their hands.
No phone calls or paper invoices, the data will be easily accessible with a computer or smartphone. For the first time there will be a common ledger to verify and track goods through the supply chain. Interestingly, as a bonus of sorts, retailers can also make some of this information available to the consumer.
One area where blockchain is going to lead to supply chain optimization is carrier onboarding. Blockchain will change that. With a common database businesses from around the world will be able to rate carriers, saving companies the time and hassle of having to screen shipping companies themselves.
In particular, the new supply chain system will track grocery products. Walmart believes that this will lead to less spoilage and in the event of a recall goods can be easily traced. As a proof of concept the mega-corporation demonstrated how supply chain with blockchain allowed them to reveal the origins of a mango that they were selling in their store. They were able to track the mango from the tree, through the shipping process, all the way to the shelf and it took only a few seconds to pull up the information.
Normally following a product through the supply chain would take much longer, if it was possible at all. The problems inherent in this outdated approach are obvious.
Paper documents get can lost or stolen. They are only accessible to a limited number of people and cannot be viewed remotely, at least not without some effort. CargoX is a shipping services company focused specifically on digitizing the bill of lading.
By writing the document to the Ethereum network, they can cut processing time from five to ten days to just twenty seconds. To ensure the highest level of security and immutability, all data is written to the public Ethereum network. This allows for a tamper proof bill of lading which will help with insurance claims and to reduce fraud in the supply chain. While the data is stored publicly, as opposed to being stored on a private chain, cryptographic algorithms guarantee that only people with the correct private key can view the data.
With blockchain, the need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous. A shipment of soybeans was sent from Argentina to Malaysia and the entire process happened digitally. Far from just a buzzword, the real-world supply chain trial of a DLT network reduced the time needed for document exchange from about a week to twenty-four hours.
Impressive numbers that prove the real world viability of blockchain to improve supply chain finance. Coffee is a perfect candidate for blockchain enabled supply chain optimization and management. With thousands of coffee farmers spread across the world, and consumer base who is interested in knowing about the origins of the product, there is a lot of potential for supply chain with blockchain to come in and disrupt business.
In Denver, for instance, Bext is a startup building a product on the Stellar blockchain. Bext uses a blockchain enabled machine, something they call a bextmachine, in order to scan beans and assign them a unique tracking number.
From there batches of coffee are represented on the blockchain as tokens. This facilitates not only supply chain tracking but quicker payments to the farmers. Once the beans are scanned it becomes much easier to track them through the entire supply chain. Further, with a few clicks consumers can discover the farm the beans were grown on, when they were harvested and roasted, and any other information that farmers want to provide. With farmers potentially thousands of miles away from retailers, it would be difficult for a database to fill the role that a blockchain is so perfectly designed for.
Shipping is a big business. Blockchain is going to change all of this. That would create a definitive record of what was received, from who and at what time. Crucially, this record would be immutable which would help to uphold its legality in a court of law. As the freight was transported across the world its location could be continually updated on chain, ensuring that it was easy to trace. At the final destination the blockchain could be updated to reflect the time of delivery and who received the goods.
The adoption of blockchain in the shipping industry also opens up the possibility of using smart contracts. Companies could deposit funds into an escrow account and those would be released as soon as the goods were certified as delivered at the final location. That would mean faster payments to shipping companies which could have the effect of allowing them to reduce their fees. It would also reduce the number of administrative staff needed to handle supply chain invoices, further lowering the price of shipping goods.
Together they are creating a blockchain shipping supply company. The company will offer supply chain blockchain solutions to the freight industry at large, helping to reduce costs and speed up shipping times. The future is bright and even if this particular company fails, the era of paper is rapidly coming to an end. Supply chain optimization can save time and money and since blockchain is in its infancy it can still offer a competitive advantage to those firms that adopt it.
Paper contracts, bills of lading and shipping manifests can be used to start a fire, should the need arise. Documents written to the blockchain cannot be forged, they are difficult to lose the data is there forever, however, a private key to decrypt the data can be lost , and are quick to transfer. As companies update their supply chains with blockchain technology, they are going to speed up the entire shipping process and save money as well, there is very little to lose.
Even though adoption at the moment might not be extraordinary, as the technology improves, it is likely that paper in the supply chain will go the way of the landline telephone in the home. We help our clients to deliver high-quality distributed apps and web-apps with blockchain. If you have any questions about how blockchain might benefit your project, feel free to reach out , we offer a free consultation on the topic.
How blockchain can be used for supply chain optimization We share real-world use cases where blockchain technology is helping to achieve supply chain optimization for companies large and small. Where Blockchain is Being Used The Capgemini Research Institute recently conducted a survey of organizations, and the results were surprising.
How Blockchain Works in Supply Chain What makes blockchain in the supply chain industry so exciting is the way it allows for easy, yet immutable, record keeping. Areas Where Blockchain Can Lead to Supply Chain Optimization One area where blockchain is going to lead to supply chain optimization is carrier onboarding.
Photo by Marco Antonio Victorino from Pexels. Exyte Team. Date: 31 Jul Read similar articles.
EY launches supplier procurement blockchain app on Ethereum using Baseline Protocol
TaxGrid uses a distributed ledger and zero-knowledge proof to share tax information across tax agencies, banks and investors in near real-time. TaxGrid has the potential to replace a manual and paper-based tax refund process that costs investors money and creates fraud headaches for tax collectors. Tax Grid uses fungible and non-fungible tokens to track dividend income. This makes it easier for tax agencies to apply the appropriate tax rate to transactions. TaxGrid uses tokens to track dividends paid on a share.
EY’s Emerging Technologies and Blockchain Solutions
Big Four professional services firm EY is leveraging blockchain to take a sip of the lucrative wine industry. The Tattoo Wine Platform will place its focus on Asian markets — specifically those in China, South Korea, Thailand, and Singapore — where the popularity and consumption of European wines is rapidly increasing. The platform will host more than 5, wine labels from global producers. Purchases will be made directly through the platform using tokens, after which real-time tracking information will be provided to the recipient, from customs status to warehouse storage. While EY Ops Chain has to date helped clients tokenize more than 11 million bottles of wine, the technology continues to push boundaries, with chickens, eggs, and fresh produce among additional tokenized products. The technology is quickly becoming a go-to for organizations worldwide, thanks to its security, ease of use, trackability, and speed. The end goal of the OpenSC project is to decrease or eliminate illegal, unethical, or environmentally damaging practices in food production, and help businesses remove products made in such ways from their supply chains. Part of Consultancy. Campus events Seminars Business Courses Workshops.
EY extends partnership with SAP to increase global Blockchain deployment
Our awesome Head of Sales, Francesco Pagano, will be responsible for moderating the conversation. EY is, of course, a world-known powerhouse that is active in the blockchain space, and completed their EY Global Summit on blockchain in May. Go on a journey with some of the industry specialists to discover more about the role of Blockchain-based programs in shaping the future and our World, as well as changing the dialogue with people and consumers. Some of the topics that will be explored further are:. Make sure to sign up ASAP, as there are limited seats and the event will be exclusive for C-level execs and qiibee channel partners.
Making Blockchains Real with EY’s Paul Brody
The project is supported by The House of Roosevelt, one of the largest wine cellars in Asia. It will also allow for the use of tokens to buy and sell wine, schedule and track shipments, and monitor warehousing and delivery. By integrating blockchain to our platform, we will establish direct connections between wine producers, the distributors, and the companies involved in logistics. Part of Consultancy. Campus events Seminars Business Courses Workshops.
How Blockchain Is Revolutionizing The Supply Chain Industry?
Back to Search Results. EY and BlueYonder: Improving supply chains for the digital future How can you fundamentally transform supply chain and operations performance? In this changing world, companies need supply chains that are fast, agile and customer-responsive yet cost-effective. EY is a leader in supply chain, operations, digital and emerging technologies. Our forward-thinking strategies and solutions help companies effect fundamental change in operations performance and create competitive advantage. EY and BlueYonder professionals are ready to work with our clients to transform their supply chain needs. Have Partner Contact Me. EY Supply Chain and Operations consulting services addresses the complex issues and opportunities to grow and protect your operations.
EY blockchain hackathon part of growing digital solutions
The future of blockchain is near and banking isn't the only industry affected. See how law enforcement, ride-hailing, and others could also be impacted. What began as the basis of cryptocurrencies such as Bitcoin, blockchain technology — essentially a virtual ledger capable of recording and verifying a high volume of digital transactions — is now spreading across a wave of industries.
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Select your location Close country language switcher. B lockchain is one of the transformational technologies which has hit the scene in recent years, and yet it is among the least understood of all the technologies reshaping the world of commerce. Take the winemaking industry, which predates the written record. For as long as wine has been made, it has been watered down and weakened, counterfeited through chemical concoctions, bootlegged, faked and forged. In , the first case of blockchain certified Bianco Falanghina wine hit the market.
Pearl River, N. The new solution enables standardization, transparency and security, while materially reducing costs and enhancing customer service levels. Insurance transactions are extremely complex impacting stakeholder productivity leading to lost time, efficiency and revenue. The new blockchain platform, based on ACORD assets, streamlines and automates marine insurance transactions.