Blockchain technology is revolutionizing supply chain transparency.
**OpenSC: The New Face of Traceability in Supply Chains**
Funded by BCG Digital Ventures, OpenSC is a blockchain-enabled platform designed to bring transparency and trust to global supply chains. The platform aims to tackle dubious activities, over-extraction, and neglected labor standards in the production of commodities by capturing data at every point in the supply chain. BCGDV’s Paul Hunyor, who runs the company’s Asia operations, is confident in the potential of blockchain technology to drive positive impact.
**OpenSC: A Profit-for-Purpose Venture**
Hunyor emphasizes that OpenSC, as a self-sustaining “profit-for-purpose” venture, is not a one-off project. The platform captures data at every step, like a fish caught by Austral Fisheries which is immediately tagged with an RFID. This tagged data is then linked to a QR code that consumers can use to access all the information about the product’s journey through the supply chain.
**Collaborating with the WWF to Prioritize Key Commodities**
In partnership with the WWF, OpenSC has chosen to focus on seafood, beef, sugar, paper, and cotton supply chains, which the WWF has identified as being linked to significant environmental degradation. By honing in on these key commodities, OpenSC and BCGDV aim to make a positive impact on human rights and conservation outcomes.
**A Big Win for Austral Fisheries**
One of the early adopters of OpenSC, Austral Fisheries, has committed to implementing the platform across its entire deep-sea fleet. This move will allow the fishing company to provide unparalleled transparency and traceability in its operations, a huge win for the conservation efforts and for the peace of mind of its customers.
**Shaping the Future of Traceability in Contentious Industries**
OpenSC’s entry into the fishing industry is particularly noteworthy because it addresses the significant problem of illegal, unreported, and under-regulated fishing. Hunyor explains that OpenSC’s blockchain technology is capable of verifying if a vessel was fishing in a protected area, a powerful tool to combat illegal fishing activities.
**The Broader Impact Across Industries**
For Falcon Coffee’s CEO, Konrad Brits, OpenSC and its use of blockchain technology are a step in the right direction. Brits highlights the potential of blockchain technology to empower rural communities and create a sense of shared stewardship of natural resources.
With its cutting-edge approach to supply chain traceability, OpenSC, backed by BCG Digital Ventures, is setting the stage for a new era of transparency and accountability in global trade. As the platform continues to expand and gain momentum, it is likely to have a lasting impact on industries dealing with contentious supply chain issues.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.