UK’s British Standards Institution (BSI) and OriginTrail Partner to Increase Supply Chain Transparency Via Blockchain
British Standards Institution (BSI) Joins Forces with OriginTrail to Increase Transparency in the Supply Chain Via Blockchain Technology
British Standards Institution (BSI), the body responsible for producing technical standards on a vast array of products and services in the United Kingdom, has allied with OriginTrail, a distributed ledger technology (DLT) firm to develop blockchain-based solutions aimed at enhancing global assessment, certification and supply chain services, according to a press release on January 24, 2019.
BSI Joins the Blockchain Bandwagon
As stated in the press release, in a bid to harness the immutability and transparency features of blockchain technology, BSI Group has exclusively partnered with OriginTrail, to enable the latter to develop highly functional DLT solutions for supply chain, global assessment and certification purposes.
Per BSI, the solution will make the provenance of goods, verifying the integrity of digital records or services and more, a natural process.
Specifically, BSI has made it clear that with the movement of goods across the globe reaching unprecedented levels, coupled with the fact global supply chains are becoming very much interconnected with each passing day, it makes sense to integrate blockchain technology to maintain transparency in the system.
“Organizations and consumers alike want to know that they can trust the integrity of the claims made by manufacturers and suppliers regarding employee work conditions, security compliance, the origins of materials used, the authenticity of their products, as well as the health and ethics labels like ‘organic,' ‘local,' responsibly ‘sourced,' and more,” BSI declared.
BSI Poised to Combine its Expertise in Compliance with OriginTrail's DLT
At a time when distributed ledger technology is fast gaining grounds across critical sectors of the global economy including in fintech, healthcare and others, BSI says it's looking to marry its years of experience in compliance, assessment and certification with OriginTrail's highly functional blockchain solutions to revolutionise its operations.
That said, both teams plan to work together in developing blockchain solutions aimed at helping organisations prove that the claims they make as regards their global activities, products and services are real, and can be trusted.
Additionally, BSI has explicitly stated that the partnership is targeted at assisting clients to operate under regulation and standards, meet customers' needs and expectations regarding safety, quality, etc., expertly manage business risk and reduce cost, extract value from global supply chain data and more.
Commenting on the development, Howard Kerr, Chief Executive of BSI reiterated that:
“In today's increasingly interconnected world, transparency and traceability throughout the supply chain is vital.”
CEO and co-founder of OriginTrails, Tomaz Levak also said that:
“We are glad that BSI has recognized the potential of blockchain technology to improve the integrity in the often opaque global supply chains, helping increase product safety, protect brands, and decrease risk.”