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Partnership on Blockchain to Boost Australian Supply Chains

Australian Supply Chains With Blockchain

Researchers from Swinburne University of Technology’s Blockchain Innovation Lab have partnered with a software company in order to develop a unique approach to managing Australian supply chains with blockchain.

The project is reportedly a part of a multi-year partnership. It will focus on three challenges faced by businesses using blockchain-based supply chains.

The project will ultimately improve the traceability and authenticity of exported products.

The researchers are hopeful that their innovative methods will also promote wider use of blockchain technology through multiple industry sectors like manufacturing and healthcare, and contribute to national protection against cybercrime.

Blockchain Explained

A blockchain is a growing list of digital records about digital transactions, which can be programmed to trace anything of value.

In this context, the “block” is the digital information, and the “chain” links this information from one block to another through shared data.

The data is permanent and secure, as it can be quite difficult to manipulate.

Blockchain networks are managed by a collection of connected computers. As such, the same information is open to all users and can be verified accurately and efficiently by multiple parties.

Bitcoin is one of the most popular uses of blockchain technology. It is a digital currency without a central bank or administrator.

This allows for finances to be stored and payments made without the typical fees or intervening authority.

About the Initiative

The project focuses on providing solutions to three current limitations of blockchain-based supply chains:

  1. Existing mechanisms of blockchain require large communication networks.

As the number of users increases, the performance rate slows. Researchers hope to improve functioning as the supply chain is scaled.

  1. Blockchain-based supply chains can have problems with efficiency.

Researchers hope to improve the speed at which networks perform.

  1. Blockchain-based supply chains can be vulnerable to faulty parties.

Researchers hope to develop software that will defend the chain against these types of malicious attacks and contribute to national cybersecurity measures.

Currently, the project is in the proof-of-concept phase, which is where it is determined how feasible the project is in a real-world situation.

Working with the company has helped the University develop the prototype as well as test the functions of the system. The outcomes have been successful.

They learned that using blockchain and artificial intelligence (AI), among others, can achieve a higher level of performance, privacy, and security.

The newly developed methods will make the supply chain system more practical and contribute to Swinburne’s expertise in research and technology.

The company’s customers expect a high standard of data management and transparency, and the solutions developed through this partnership will strengthen their trust.

The project will jointly run in the Blockchain Innovation Lab and Swinburne Cybersecurity Lab, joining other Swinburne facilities in analysing and developing programs for data security.

Blockchain Across the Globe

Countries across the globe recognise the significance of blockchain and have initiatives of their own. OpenGov Asia had reported on these.

India launches centre of excellence in blockchain technology. Blockchain technology in the government is expected to enhance transparency and traceability in e-governance systems.

The National Informatics Centre (NIC) recently set up the centre of excellence (CoE) in blockchain technology in Bengaluru, Karnataka.

The centre aims to provide blockchain as a service and allow all stakeholders to benefit from shared learning, experiences, and resources.

Thailand, for its part, is trialling blockchain-based travel visas. Distributed ledgers will play a major role in its Electronic Visa on Arrival project.

The eVOA system is expected to help 5 million visitors from 20 countries enter Thailand with less friction. By utilising blockchain, the system can speed up and protect tourists and their identities accordingly.

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