Blockchain-Based Solutions for Security Labels Help with Complex Supply Chain Tracing, Identity, Verification and Inventory Management

 


Blockchain-based solutions for security labels provide an open, governable, system-independent means of issuing, holding, presenting, and verifying trusted security labels for any entity at scale. The use of the distributed ledger technology called the "blockchain" has led many participants to conclude that a new kind of ecosystem is taking shape, one in which there is a broad collaboration of participants working toward common goals. These participants can be thought of as users of the ledger or their virtual selves. They come from various industries including finance, governments, and technology firms. A prime example of this industry is the Open Ledger Project, an open source project developed by a Swiss company. Others include IBM, ConsenSys, Osprey, and Hyperledger.

The idea behind the development of blockchain-based solutions for security labels is to create an open-source framework and an application programming interface (API) so that developers and businesses can build applications using the open-source code in a quick and safe manner. The developers and businesses will then be able to seamlessly interact with each other and share real-time data. The distributed ledger technology is designed to provide instant and flexible real-time financial transaction processing, asset tracking, and account management. Blockchain-based solutions are also expected to increase efficiency and make information more accessible and transferable.

Another important feature of blockchain-based solutions for security labels is the ability to create smart contracts and decentralized applications. A smart contract is a program that allows a user to formally authorize a transaction without the necessity of involving a central administrator. This allows users to freely settle upon the terms of the transactions themselves. An example of a decentralized application is a software tool that allows users to swap information within a decentralized network. One example of a smart contract is a contract that would allow a business owner to sell his or her shares of stock via an exchange platform.

Blockchain-based solutions for security labels help with complex supply chain tracing, identity, verification and inventory management, which has led to R&D in such platforms. In August 2020, Honeywell International Inc., the U.S-based publicly traded, multinational conglomerate, partnered with iTRACE Technologies Inc., a brand protection and product security solutions provider, to build a blockchain distributed ledger platform that will help with complex supply chain tracing, identity, verification, and inventory management.

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