Meet the blockchain that could save the global trade sector billions

Tuesday 04 May 2021, 11:20 PM AEST - 1 week ago

A decentralized communication hub is delivering DeFi for digital supply chains — eliminating the time consuming and complex processes that are associated with keeping businesses running smoothly and safely.

Obortech is creating infrastructure known as the Smart Hub, allowing key players at every point of a supply chain to share information and collaborate through easy-to-use mobile and web interfaces. All of this can help deliver efficiencies that are crucial for companies running on razor-thin profit margins, and deliver verifiable product traceability from end to end.

This cutting-edge approach means that documents can be exchanged through a tamperproof, joined-up system. Smart Hub is complemented by Internet of Things sensors installed on containers that allow valuable shipments to be tracked in real time, protecting expensive products against theft and ensuring they are kept in optimal conditions.

Overall, Obortechs objective is to build a fully digital network thats as simple as Facebook — an environment that delivers real-time notifications, equal participation rights and allows all parties to have full control over their data.

The projects whitepaper powerfully illustrates why this infrastructure is needed. It cites data from the World Economic Forum that suggests document processing in global trade accounts for a staggering 20% of total transportation costs. Worse still, estimates suggest that fresh food worth $7 billion is spoiled before it arrives to consumers in North America — and more often than not, this can be linked to how supply chains are overly complex.

Compelling use cases

Whereas some blockchain projects in the very early stages of development talk about their ideas in abstract form, Obortechs Smart Hub prototype has already been put through its paces in a real-world environment — helping to facilitate meat exports from Mongolia to China.

The project now fully intends to make the most of this first mover advantage, with Smart Hub set to become operational in the second half of this year. Partnerships have been established with a number of companies and governmental institutions across Mongolia, the Netherlands and Australia. Now, Obortech has the ambition of serving 5% of inland transportations of certain perishable products between Europe and Asia in ...

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