Tristar introduces blockchain into supply chain solutions
Tristar Group announced a milestone in its digital transformation strategy as it unveiled a ground-breaking Proof of Concept (POC) using blockchain technology.
Transparency in the supply chain has always been difficult to achieve, but Tristar will break down those barriers using blockchain. The platform that Tristar uses is one of the first of its kind in the world and is currently operational.
"Blockchain technology gives us the ability to provide irrevocable verification and oversight to complex processes and movements of products to our customers. Records stored in the blockchain are computationally almost impossible to alter, leading to unprecedented verification and transparency to all stakeholders involved in a particular transaction," said Eugene Mayne, Tristar's group CEO.
“We are proud to once again place Tristar at the forefront of our industry. Blockchain technology has the potential to disrupt the logistics industry in the same way that the internet disrupted traditional business models around 20 years ago,” he added.
Tristar’s blockchain implementation is underpinned by IBM’s Hyperledger technology and runs on Amazon Web Services cloud platform.
Complete end-to-end warehousing and transportation processes will be captured in Tristar’s private blockchain, providing real time oversight and analysis.
Additional benefits include the reduction in usage of paper, elimination of human error, and the ability to optimise warehousing manpower, scheduling, and deliveries. The project also enables Tristar to seamlessly tie together its Warehouse Management System and transportation platforms, allowing key customers to access a single secure platform protected by military grade encryption with irrefutable records of events and interactions between the parties.
Tristar’s blockchain implementation was done by Dubai based Block Gemini Technologies.
Founder and CEO, Christopher Fernandez, Block Gemini Technologies, says: “Whilst many organisations have discussed the potential applications of blockchain technology to their business and in some cases, developed limited POCs, the platform that we developed for Tristar is one of the first of its kind in the world and it is currently operational.”
Mayne added: “Several large companies and Dubai Government entities have initiated blockchain POCs of their own, so we are very proud to be amongst such esteemed companies.”
Tristar recently received the ‘Best Logistics Innovation and Technology Strategy Award’ at the ICT Achievement Awards 2017 organised by Computer News Middle East. Tristar’s IT department was recognised for its innovative digital transformation strategy embarked upon in 2017.