NeuSwyft innovates in record-keeping for supply chains using blockchain technology
NeuSwyft has become the pioneer to launch a new platform for companies to test “blockchain” record-keeping technology in their supply chains in partnership with various companies including IBM. NeuSwyft's business focuses on industry specific IT solutions for various industries but, recently, it has discovered the potential of blockchain as a valuable resource for supply chain management processes.
NeuSwyft's aim is to expand the use of blockchain beyond the financial services industry, and provide new use cases for supply chain management solutions etc. Many firms such as J.P. Morgan Chase & Co. and Bank of America Corp. are experimenting with blockchain, only a few have started explored it for monitoring their supply chains. Also much fewer who have focused their energies on building a platform for this innovation of future. A blockchain is a data structure that makes it possible to create and share a digital ledger of transactions. It uses cryptography to allow anyone granted access to add to the ledger in a secure way without the need for a central authority. Once a block of data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. Mr Bhattad mentions "The aim of our engagements and work will be to explore how blockchain technology can be used to enhance the efficiency and effectiveness of supply chain management. The science underlying the management of records i.e.archival science will be used for this work. We aim to enhance existing product experiences by use of this technology"
Proponents already say that these traits make blockchain well-suited for logging and monitoring large amounts of data, such as short-term loans or the millions of parts coursing through the aviation industry’s supply chain or within context of food and beverage where origins of food supplies can be tracked. NeuSwyft's aim is to increase agility within supply chain and reduce layers of complexity by using this innovative platform integrated with existing supply chain management solutions.