Date: 23/01/2020

The Application of Blockchain Technology in Supply Chains

Representatives of AmCham member companies had an opportunity to attend the second in a series of discussions on blockchain technology: "Making Supply Chains Work".

Guest speaker Branimir Rakic, founder and CTO of OriginTrail, presented the basics of blockchain to attendees, highlighting its benefits, including:

• its decentralized approach – with no central database, but rather a single networked database accessible to all users of the technology

• elimination of the need for an intermediary, directly addressing cost issues, information delays, trust in intermediaries and data privacy

• transparency of information and processes

Although blockchain technology has gained increasing popularity due to its presence in the financial sector, the potential for its further application in various areas was quickly recognized. Branimir shared OriginTrail's experience in implementing blockchain in the food, rail, fashion, certification and smart farming industries.

"Our first project was launched to help organic food producers brand themselves as quality companies, and after a few years it grew into something that could have implications far greater than food branding," Branimir explained. Based on the “storage” and data management protocols OriginTrail offers, there is great potential for developing a variety of applications, customized to users’ specific needs.

The event was moderated by Milos Stojkovic, Head of the AmCham Digital Economy Committee’s Blockchain Technology Group.