Posted 2 years ago | by Ben Armstrong

CHIP – Blockchain Could be Perfect for Monitoring Supply Chain Data

Thain Integration Pilot or CHIP was developed by the Auburn University RFID Lab in Alabama, which has launche Ched a proof-of-concept whitepaper. The project will demonstrate the efficiency savings of blockchain technology in the contemporary supply chain.

The team designed the proof-of-concept to ingest, encode, distribute, as well as save serialized data from the number of points in the supply chain on Hyperledger Fabric. Blockchain is already being used in the global supply chain, and this project will give companies another tool.

The pilot used live data from brands Nike, PVH Corp., Herman Kay, and major United States retailers Kohl’s and Macy’s as well. Walmart has also created a blockchain platform to track food, which is another area blockchain shines.

CHIP is a New Project

In 2019, CHIP was launched and claimed to be the first supply chain project to integrate the information pulled from RFID tags onto a blockchain network.

The project reported data on about 223,036 goods which are uploaded to a distributed ledger. Stores only uploaded 1% of the data entries, 87% of data have come from distribution centers, and the remaining 12% have originated from a point of encoding.

Therefore, the CHIP blockchain is one of the functional solutions for issuing of serialized data exchange within the supply chain. While it hasn't been adopted for real-world use so far, it will likely be considered after these tests.

Great Tools for The Supply Chain

According to the report, the companies who were part of this test were “able to record transactions containing serialized data in a common language and share that data with their appropriate trade partners.”

It identified “a tremendous amount of error and inefficiency in currency supply systems,” which could allow the elimination of counterfeiting and shrinkage in the supply chain and save hundreds of millions of dollars.

RFID and Blockchain

Though the introduction of serialized data devices such as RFID tags and QR codes a decade ago, the study team now sees the absence of “an effective, industry-wide solution for exchanging serialized data between business partners.”

The report says previous efforts to integrate infrastructure in collecting information on masse across the supply chain have been “constrained by the industry-wide ineptitude for sharing serialized data.”

Blockchain offers companies powerful tools for tracking goods, which has always been a challenge. As these platforms go into commercial use, they are likely to expand as industry sees how well they work.

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g CHIP – Blockchain Could be Perfect for Monitoring Supply Chain DataBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.