Crypto-anchors - an innovative technology for supply chain security and visibility

#techtrends #blockchain #crypto #security

At the moment security is one of the most important issues for companies in various industries and even countries. Unfortunately, fraud costs the global economy over $600 billion every year.

Being under the risk of huge monetary losses, businesses are struggling to find and adopt technological solutions that will enable them to successfully fight against illegal practices.

Only imagine, in some countries, 70% of certain life-saving pharmaceuticals are counterfeit! Why is it so? The answer lies in too complex and non-transparent supply chains. In large operations, they can include over 200 intermediary steps and dozens of suppliers from different countries.

As a result, to trace the entire process that goods/products pass during their way from the production to the retail store (or hands of the customer) is pretty difficult, even impossible.

Blockchain technology reveals a new era of security in a time when the integration of truly innovative security models is critically needed.

Although blockchain can bring trust and visibility to supply chains across a variety of use cases, it can’t make everything alone, for example, provide the authenticity of goods.

Crypto-anchors named one of 5 key technology trends in a recent research by IBM, can become a solution to this challenge. Consisting of cryptographic mechanisms, they provide a high-security level and can add value across many industries.

Within the next five years, crypto-anchors like ink dots or tiny computers (smaller than a grain of salt) will be built in multiple physical goods and even everyday devices and objects.

They can be integrated into an edible shade of magnetic ink, which can be used to dye a malaria pill. Crypto-anchors will be used together with blockchain to ensure an object’s authenticity from its origin to the time it reaches the endpoint.

Hope, the article has been useful to you.) The topic of security is very long and interesting, and crypto-anchors will play an important role in the part of it.