Blockchain technology is among the emerging trends. Often, it is mistaken as the technology only for Cryptocurrency. However, blockchain is the method of recording information that makes it impossible for the system to be changed, hacked, or manipulated.
Talking about this the Founder and CEO, India Blockchain Alliance, Raj Kapoor says that his first interaction with the Blockchain was in 2016 or 2017, when he visited one of the Walmart stores in the USA. Though the supply chain is one of the pioneers to adopt blockchain, still the sector has not picked up as far as technology is concerned.
Deepak Ghadge, Co-Founder, Stealth Blockchain Startup, explains, “The adoption issue is not just in the supply chain but it is across all domains in the country. It is an overwhelming technology, thus, people take a lot of time to understand. Learning about this takes an average of 9-12 months. The cost of doing the same is also very high. So, the best way to do this is to collaborate and be a partner in that.”
Cryptocurrency uses this technology as it gives up the power of traceability, accessibility and because it can’t be easily hacked, it also ensures safety. Blockchain has evolved from initially what it was and it is an evolving platform.
Adding to this, Raghav Raja, Associate Director – 3P Business, Saveo.in, says, “International brands have already started adopting Blockchain. Everywhere there is an information fade into the system. Now, a person could go deep into the system and understand whether the product is authentic, where is it made or how is it getting manufactured.”
He adds, “There is a lot of revolution happening there, but for the products at the lower scale, they know what it is, it is fancy but don’t know what to do with it.”
Explaining blockchain with regards to agriculture, Ravi Soni, CEO, Grus & Grade, states, “As far as agriculture is concerned, the industry is not ready to accept technology itself. Farming community has lost the trust in entire supply chain. There is no transparency in the system that to whom they are selling, at what price they are selling and whether the proceeds will come on time or not.”
Sunny Vaish, Founder, Organic Ledger, opines, “We need to go beyond one-word marketing terms. We can’t say this is sustainable, net-zero carbon, labour free, etc. anymore. We need to produce the prove of the quality and sustainability claims. We are approaching organic world as they are producing the top quality product but they do not get the value.”
One of the critical things for the success of Blockchain technology is it being sort of borderless technology. It doesn’t belong to anybody, it is distributed. Blockchain cannot exist in silence, it has to be collaborated.