Regulatory Series on Series: US Senate Foresees Budding Technology & Digital Dollar To Play Crucial Role In Economic Competition
Blockchain Revolution Series: Ernst & Young Features In Top-3 Enterprises Blockchain Solution Provider
Digital Currency Revolution Series: Spotlight On FxWirePro’s BTC Long Hedges As Bitcoin Explodes With Fresh 1-Year Highs
Digital Currency Revolution Series: Bitcoin Snapping Rallies But Unwise Build Fresh Shorts, Uphold Long Hedging
IBM, Microsoft to implement GS1 standards in enterprise blockchain applications
Tech titans IBM and Microsoft have collaborated with the global business communications standards organisation GS1 to leverage GS1 Standards in their enterprise blockchain applications for supply chain clients.
GS1's global standards for identification and structured data enable blockchain network users to scale enterprise adoption and maintain a single, shared version of the truth about supply chain and logistics events. This helps in increasing data integrity and trust between parties, and reduces data duplication and reconciliation. GS1 explained that the use of standards would facilitate the data stored or referenced by blockchain networks to be structured for shared communications and interoperability.
"What attracts many organisations to blockchain technology is the possibility of sharing data across corporate boundaries while maintaining a high degree of rigor and accuracy," said Robert Beideman, Vice President – Retail, GS1. "We hope to make this possibility a reality for businesses by working with dedicated technology and industry partners—and together promoting a common business language."
Founded in 1974, GS1 is a not-for-profit organisation that provides global standards for efficient business communication. GS1 Standards offer global businesses like Walmart the ability to expand blockchain networks to suppliers, distributors and other ecosystem partners, unlocking the business value of data sharing, transparency, visibility and trust.
IBM and Walmart have successfully used blockchain technology in a pilot test to enhance the traceability of two food commodities in two different countries: mangoes in the U.S. and pork in China.
"One of the key benefits to blockchain in the enterprise is the trust it delivers, which enables more efficient and complete sharing of the critical data that drives enterprise transactions. By removing the barriers that can be caused from disparate entry systems, that trust is solidified even further, said Brigid McDermott, vice president, blockchain business development, IBM. "That's why we are working with clients like Walmart and collaborating with other industry leaders to implement GS1 open standards into the work that we do."
"Leveraging existing GS1 Standards to structure event information will enable blockchain-based supply chain implementations to be more interoperable and will simplify the capture and description of events that are written against smart contracts," said Yorke Rhodes III, Global Business Strategist, Blockchain, Microsoft. "Collaborating with partners to implement solutions on blockchain using standards already in place for item-level tracking is the quickest path to production."
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest