Blockchain Ensures Greater Transparency between Brand and Customer

In immediately’s unsure atmosphere, trustworthiness and transparency are components shoppers extremely anticipate from a model. It is right here that expertise like blockchain comes into play. The digital record-keeping expertise behind Bitcoin and different cryptocurrency networks blockchain is already identified to disrupt monetary markets. It additionally allows quicker and extra cost-efficient supply of merchandise, enhancing its safety, visibility and traceability within the provide chain. Debapriya Nandan, Senior Director and Head-Public Sector, Oracle India, explains in an unique interplay with CXOToday how blockchain may help manufacturers in constructing a safe and clear relationship with their clients. 

CXOToday: While blockchain is shifting from hype to actuality, after we see the precise adoption fee, the numbers are nonetheless very low. What could possibly be the explanation? 

Debapriya Nandan: Unlike different rising applied sciences, blockchain is extra of an ecosystem play, the place you want a number of events to come back collectively and co-function. Further, totally different organizations are at totally different phases of their digital journey. While blockchain stays in its infancy at current, there is a chance for blockchain to have a social and financial affect. This game-changing expertise is taken into account each revolutionary and disruptive – as a result of blockchain will change present enterprise processes with streamlined effectivity, reliability, and safety. But tasks will solely succeed if there may be sufficient governance and a collaborative strategy. We additionally imagine it’s a matter of time earlier than we see widespread acceptance of this highly effective expertise paradigm.

CXOToday: So, the place precisely do you see the problem? Is there a lack of know-how amongst companies about some great benefits of blockchain expertise? 

Debapriya Nandan: I feel the attention of the expertise may be very a lot there. But there’s maybe a scarcity of depth in understanding its applicability in a selected enterprise course of or operate inside a corporation, the place there are a number of disparate options at play, particularly in a hybrid IT setup. That’s the place expertise suppliers like us step in and assist clients get their blockchain enjoying proper.

CXOToday: Can you inform us about a few of the blockchain options Oracle has inbuilt current months? 

Debapriya Nandan: Oracle provides a complete blockchain answer that helps organizations securely create good contracts, lengthen their enterprise processes and purposes, whereas enabling them to course of enterprise transactions a lot quicker. Our blockchain purposes seamlessly join with Oracle SaaS, PaaS, and different cloud and on-premises third-party purposes. For occasion, Oracle Intelligent Track and Trace SaaS utility provides end-to-end visibility into multi-enterprise provide chain networks, thus enabling asset homeowners to trace and hint issues of worth to drive quicker outcomes and strengthen belief between collaborating buying and selling companions. 

Additionally, as corporations work in direction of getting again to enterprise within the present enterprise local weather, they’ll face challenges. These might vary from diminished human sources and wish for contactless working. In such a state of affairs, blockchain may help guarantee high quality of deliverables and test on folks productiveness with none human interplay. Blockchain may help in stopping duplication or falsification of knowledge. 

CXOToday: In which sectors do you see most traction?

Debapriya Nandan: Overall, trade analysts are reporting regular progress for blockchain expertise, with some calling blockchain maybe probably the most disruptive rising expertise within the new decade. According to a May 2020 survey by ESG Research and Oracle, 83% of organizations leveraging blockchain inside their finance purposes anticipate a big return inside only one 12 months. Generally talking, BFSI and logistics sectors have been probably the most open to piloting blockchain tasks. At the identical time, there’s an elevated curiosity from the Public Sector as properly, to be used instances similar to streamlining land data and different citizen-centric providers for delivering higher citizen experiences.

CXOToday: Can you share a couple of use instances of blockchain adoption in India?

Debapriya Nandan: Let me offer you an instance of Oracle’s partnership with NITI Aayog, Apollo Hospitals and Strides Pharma Sciences to sort out the rising menace of counterfeit medicine in India. We needed to pilot an actual drug provide chain utilizing blockchain decentralized ledger and IoT software program. The intention was to carry transparency, accountability and effectivity in tracing and monitoring medicine manufactured in India. Oracle’s blockchain software program completely registers a drug’s file within the producer’s drug provide chain (serial quantity, labeling, scanning), leaving no scope for file tampering. From right here on, at each level of motion within the provide chain, it data the drug’s motion – from producer to logistics, from stockists/distributors to hospital, or from pharmacy to shoppers. In case of a faux drug, the software program will detect irregularity and notify the involved nodal level. Additionally, Oracle IoT supplied performance to trace vital data similar to chemical elements of the drug or upkeep of temperature management in case of life saving medicine or vaccines. The pilot was very profitable. 

Another good   instance is Jyoti – Fair Works, a small German “fair fashion” label that works with NGOs primarily based in South India, providing skilled coaching, training and microloans to underprivileged ladies. As demand for its merchandise grew in the previous couple of years, its downstream provider community was turning into more and more tough to trace. To guarantee transparency and to raised showcase it to its clients, it’s utilizing blockchain software program to map its provide chain information. They are capable of entry data to the final hyperlink of the fabric sourcing. This has definitely elevated the degrees of brand name loyalty amongst their clients.

CXOToday: What potential does blockchain maintain for IoT? 

Debapriya Nandan: There’s large curiosity among the many logistics and provide chain fraternity for blockchain, particularly observe and hint form of purposes, instantly linking blockchain with IoT processes. Consider how track-and-trace capabilities would work in a typical provide chain. Companies would have the ability to see when their merchandise transfer throughout borders. If an SMB is chargeable for rising one thing in a farm someplace close to Salem that may ultimately find yourself in Noida, an organization can simply see how that product strikes alongside its journey. Tracing capabilities, then again, permit corporations to look again to the place one thing got here from.

Both capabilities are vital to creating and establishing belief all through a provide chain. As clients demand extra transparency about their merchandise, in addition to quicker motion to deal with a problem when it comes up, corporations want to pay attention to what’s occurring with their provide chain companions. This is very vital for SMBs, which can rely extra on companions and the place it takes just one mistake to be the distinction between overcoming a problem to the enterprise and dropping belief.

CXOToday: What in keeping with you is the way forward for blockchain expertise within the publish COVID period?

Debapriya Nandan: Organizations are experiencing the actual worth of digital transformation as they’re bringing their operations and progress again on observe. Blockchain expertise can play a vital position particularly for the manufacturing and provide chain segments by serving to organizations establish disruptions, streamline their processes and addressing loopholes which can be hampering their effectivity and high quality of output. From monetary markets to pharmaceutical trade, blockchain cannot solely allow organizations in sourcing and figuring out credible data but additionally usher in transparency and effectivity within the system. 

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