EY to Manage Partnership of German Blockchain Firms Collaborating on a Tracking Platform
German blockchain firms are effectively collaborating on a blockchain tracking platform, local news outlet Tiroler Tageszeitung on July 16 reported that a host of companies from Germany and Austria are coming together for the revolutionary platform that will see freight document being digitized while reducing costs and resource consumption and protect against counterfeiting.
A Whole New Project
The report revealed that logistics firm LKW Walter, GS1 Austria and its EDITEL Austria subsidiary, Bundesvereinigung Logistik Osterreich, Deutsche Bahn subsidiary DB Schenker and likewise WU Vienna are all actively involved in the project.
Also involved in the management of the project is big four auditing firm Ernst & Young, who’s handling the initiative. The new tracking platform is geared towards ensuring relevant freight documents are no longer manual, but digitized on the blockchain, ensuring transparency and accountability, while ensuring that fake and substandard projects are blocked off.
The project will strictly comply with basic rules and regulation from the international standard for the electronic consignment note, e-CMR, so as to conform with the best-accepted standards.
The digitalization of the whole process will make it faster, easier and cheaper. The outlet cities estimate that the platform will automate 75 million processes each year while saving about 12 million sheets of paper per year.
Multi Versatile Nature of the Blockchain Technology
Commenting on the latest development, the head of German-speaking EY Blockchain competence centre Michael Schramm, stated that:
‘’ Blockchain holds enormous potential for all industries, especially those with many standardized processes, such as transportation and logistics- if you explore the technology to its fullest.’’
The report also reveals that the analysis and the pilot stage of the whole process will kick off in the latter part of the year and will run till the end of 2019. The process is scheduled to go commercial next year, after the successful launch of the pilot.
Tracking software is not a new Phenom in the cryptocurrency community, Bitcoin Exchange Guide reported that with the rate at which people refuse to reveal their bitcoin returns and balance sheet, it becomes evident for the IRS to deploy a tracking device that will help reveal the real bitcoin transaction of each user.
With the tracking device, the agency will now be able to track, visualize, and analyses Bitcoin transactions in an attempt to unmask Bitcoin investors and dip their fingers in the proverbial crypto pie.
Over the years, cryptocurrency entrepreneurs have been having their way with the taxman and getting away with it, without any form of hindrance. But with the new logic and technology, the taxman is now fully equipped to demand its right from cryptocurrency investors and traders.
Germany is one of the blockchain powerhouses in Europe, but with the rate of crypto-inclined crime in the country, its gradually falling off the pecking order, but the recent crackdown on criminals in the country is giving them hope to the beer-loving country once again.