Two subcommittees affiliated with the US Congress held a hearing on May 8th to explore the application of blockchain in supply chain management. The hearing summed up the different application scenarios of the blockchain and pointed out the current state of the technology lacking industry standards.
The Oversight Subcommittee and the Research and Technology Subcommittee heard four policies from representatives in the public and private sectors to discuss the application of blockchains. The topic of the blockchain has finally risen to the government level, and Republican MP Barry Loudermilk is happy about it. He said that in the IT industry for 20 years, he has never felt a revolutionary technology like blockchain.
Aside from the cryptocurrency, the underlying technology will be a lot of solutions for forgetting security and data protection issues.
It was mentioned at the hearing that using a blockchain to record supply chain processes in any industry can help reduce costs and increase speed. For example, Dr. Douglas Maughan, Head of Network Security at the Department of Homeland Security (DHS), pointed out that from the government level, the application of blockchain in optimizing supply chain management can be in the areas of “sea, logistics and tariffs†with customs. Achieve cooperation.
In the private sector, Michael White, head of global trade digitalization at the Maersk Group, talked about reducing the cost of managing international supply chains. He emphasized the importance of building an open and neutral industry platform, the core of which should be a global network connected to all supply chain participants. So he mentioned the "de-trust" feature of blockchain technology:
Building this trusted network is inseparable from blockchain technology.
Lack of industry standardsHowever, four industry representatives mentioned that the absence of standards would limit the development of blockchains. Maughan added that if the blockchain does not make any progress, the emergence of quantum computing means that there will be a sophisticated system that breaks the blockchain cryptosystem.
Chris Rubio, vice president of UPS's global customs brokerage department, hopes that the industry can work together to develop standards for the full spread of blockchain technology.
If there is a lack of standards, there will be uncertainty, which will prevent the introduction of large-scale investment and ultimately affect the success of the blockchain in the supply chain.
Ralph Abraham, chairman of the Regulatory Subcommittee, is very optimistic about the future development of the blockchain. Halfway through the hearing, he said:
If my understanding of the blockchain is correct - I am still learning - it will reform the goods tracking process, just like the GPS subversion navigation system.
Therefore, I think that we are in front of technologies that can change the world.
Hearing summaryA number of positive applications in the blockchain proposed at this hearing include reducing fraud and using blockchains in conflict-prone areas to help NGOs implement rescue efforts. Congressman Randy Hultgren also came up with the idea of ​​providing citizens with a new tool through the blockchain system to help them maintain the most basic property rights when the law is missing or the government is unable to enter the legal system.
The blockchain has gradually moved from concept to landing. Yesterday, Oracle, the world's second-largest software company, announced the start of blockchain products, and they are currently working with pharmaceutical companies to manage their drug supply chains. Last month, electronics giant Samsung also said it would manage its global supply chain with blockchain.
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