The blockchain is imbuing the fintech industry with the promise of new solutions. However, this robust technology can provide benefits to more than just bankers and payment solutions systems. Firms who utilize logistics in their day to day business operations may be able to capitalize on the blockchain as well. Since the supply chain is a huge facilitator of sub-sectors in the retail industry, the blockchain can also streamline retail supply chains. Mojix, a pioneer in the RFID and sensor space, has just announced it will be using Ethereum-based blockchain technology to revolutionize the retail industry. Jim Donaldson, Sr. Director of Corporate Communications at Mojix said:
“Blockchain technology will play a key role in lowering overall business costs by creating more agile supply chains – fostering closer cooperation and enhanced trust among retailers, suppliers and logistic partners.”
From January 15 – 17, the latest technological advancements in the retail industry will be displayed during the 2017 National Retail Federation (NRF) Big Show in New York City. At the seminar, Mojix will be showcasing their newest tool to help retailers. They will highlight technological solutions to enable blockchain powered smart contracts which will bolster innovation across supply chains. Tom Racette, vice president of Global Retail Business Development at Mojix told ETHNews:
“We are validating products (apparel) on a smart contract at the item level using RFID technology (Mojix's DNA) and writing to a blockchain, so the information is secure, immutable and can be shared by all parties with a need to know. In future releases, it is our intent to incorporate the provenance and identity of an item which will support a whole host of Corporate Social Responsibility initiatives making their way into the retail mainstream.“
By utilizing Ethereum, Mojix aims to reduce claims and chargebacks and allow for quicker payments among retailers, suppliers, and logistic partners by implementing smart contract technology. The Mojix team will be at the Microsoft booth at the NRF Retail’s Big Show and presenting at the Exhibitor presentations on Tuesday, January 17. While they are working with Yorke Rhodes of Microsoft, Racette makes it clear that they are not a part of Microsoft’s Project Bletchley.
Yorke Rhodes, Blockchain Business Strategist of Microsoft, told ETHNews:
The goal of our collaborative work [with Mojix] is to enhance the value of their existing solution by leveraging the qualities of the Blockchain and specifically having their solution run on the Microsoft Azure Blockchain as a Service and collaborating with the team building Bletchley.
There are a number of value propositions in working with Mojix on blockchain applied to the supply chain:
- Increasing inventory visibility across independent legal entities such that appropriate retailers & brands can see their goods moving through the supply chain w/o the existing opaque areas that exist due to incompatible systems & independently owned databases
- Tracking of not just scan points, but also people who scanned items drives visibility and responsible behaviors of employees
- This makes it very tough to deny when things go missing repeatedly after a particular employee has last touched the goods
- Certification of supply chains today is not accurate because the verification and identification is not precise or verifiably documented
- Longer term, this tracking initiative drives documentation of people in the supply chain
- This drives to solve for corporate & social responsible and ethical sourcing initiatives
This isn’t the first time the blockchain has entered the supply chain industry. In late 2016, retail giant Walmart revealed their experimentation with blockchain technology to track food products. Farmshare and Provenance also allow for food products to be managed and documented on the supply chain by Ethereum-based smart contracts. Everledger and Chronicled are two startups also utilizing Ethereum to track luxury goods on the supply chain, which mitigates risk and allows for trustless operations to occur without oversight. These qualities save time and money and give companies an incentive to invest in blockchain tech. With presenters like Mojix at large events, this will help foster blockchain adoption.
“The National Retail Federation (NRF) 2017 Show, aka Retail’s Big Show, is a showcase for the industry’s most innovative technologies and the place to be for retailers. NRF welcomes retail executives from all around the world who are searching for the most innovative and modern solutions and tools. Mojix is proud to exhibit at this year’s convention.”