Retailers and suppliers successfully tested a blockchain solution for supply chains that could lead to billions in savings.
The University of Auburn partnered with global brands to test coordinating supply chain data using blockchain technology.
Participating retailers and suppliers recorded the movement of hundreds of thousands of individual products in a combined, permissioned Hyperledger blockchain.
Adopting such a system could lead to billions in savings for the global retail industry.
Retailers and their suppliers lose a combined $181 billion to chargebacks, unaccounted inventory, and counterfeit goods each year, which can be attributed to a lack of supply chain visibility. In a white paper released April 3, 2020, the University of Auburn RFID Lab detailed findings from a proof of concept showing the viability of using RFID tags and blockchain technology to help combat such scourges. In partnership with major brands like Nike, Macy’s, Kohl’s, Herman Kay (owner of the Michael Kors brand), and several others, the Auburn RFID Lab used IBM’s Hyperledger Fabric to develop a permissioned blockchain that allows retailers and their suppliers to effectively trace individual items from creation to final sale as they pass through distribution centers, stores, and other weigh stations. Read More...