Microsoft Corporation, the multinational giant in collaboration with Adents has come up with an innovative blockchain idea. They have developed an upgraded product tracking platform using artificial intelligence and blockchain technology. The newly designed idea is known as Adents NovaTrack which was first revealed at Viva Tech 2018 Consortium in Paris.
As reported by Coin Telegraph, the platform offers multiple facilities to track the end-to-end visibility in the supply chain system. In addition to this, the blockchain based system will allow the user to track single unit of product. This system was originally designed for pharma-based industries to counter drug copies and fraud distributions. However, the developers later chased other manufacturing based high-value market.
Microsoft and Ardent’s new venture together is relevant to technologies like Artificial Intelligence, sterilization functions, IoT and blockchain. Founder and CEO of Ardent Christophe Devins stated that, their association with Microsoft will be a game changer in the field of blockchian. He also stated that, the entire system is enhanced by Microsoft Azure Cloud technology which will offer better transparency and security to their systems.
How will blockchain help industries to perform better?
In a reports presented by Organization for Economic Co-operation and Development (OECD), 2.5 percent of worldwide imports are forged out of approximately 10% of the total sold products in the pharmaceutical industry. In another updated a U.S. website revealed that an innovative blockchain is under development to secure the system from fraud. Also, it mentioned that the platform will be using it for validating and verifying the data.
Earlier in April, Walmart announced that it will start using blockchian technology henceforth for its live food business line. They are looking for suppliers who can put the products on blockchain so that they can reduce wastage and improve their contamination supervision.
Blockchain is becoming quite popular in various business sectors as it facilitates efficient management in the core area. Likewise, Swissport, the Swiss airport ground handling and cargo company mentioned their plans to introduce blockchain pilot program. This is going to aim on the development of a open ended platform for improvising their supply chain management.
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