Unpacking the Strategic Partnership

The British Standards Institution (BSI) has teamed up with OriginTrail, a blockchain company, to enhance the transparency of supply chains. Announced in a press release, this partnership is set to revolutionize how businesses demonstrate compliance with various regulations. It’s a classic case of tech meets traditional standards—think peanut butter and jelly, but with fewer carbs!

BSI: A Legacy of Standards

Founded in 1901, BSI has a rich history and a significant revenue stream, boasting 473 million GBP (or around $616 million) reported in 2017. With over a century of navigating the standards landscape, BSI aims to leverage OriginTrail’s capabilities to provide businesses with a credible way to validate their supply chains. As BSI’s chief executive Howard Kerr noted, the collaboration is a response to a modern need: transparency in our increasingly connected world.

The Five Focus Areas of Collaboration

The partnership isn’t just a handshake and a press release. BSI and OriginTrail have identified five critical areas of focus:

• Regulation compliance
• Business risk management
• Product recalls
• Data extraction from global supply chains
• Enhancing client services

These areas are designed to help businesses navigate the often choppy waters of regulation and compliance, making it easier to maintain credibility and trust with their clients.

The Reality of Blockchain Integration

As of the announcement, BSI clients are already poised to apply for blockchain services, which are still in a pre-release phase. But what does that entail in practice? Imagine a grocery store knowing exactly where every avocado in its store came from, down to the farm and the farmer’s last name. That’s the power of blockchain!

The Bigger Picture: A Blockchain Revolution

Globally, blockchain continues to make waves across various industries, especially supply chain management. As it stands, businesses are increasingly recognizing the value of a traceable, transparent supply chain. In fact, during the World Economic Forum, participants dined on fish tracked through a blockchain supply chain—a delicious example of technology in action. Talk about dinner and a show!