When will blockchain finally break through? Still very much in early adopter stage and a chasm yet to breach before gaining wider acceptance, most blockchain initiatives remain stuck in pilot and POC mode. I asked Jacob Ninan, co-founder and Director of Kottackal Business Solutions Pvt. Ltd., why this is so? He believes that in part, there has been a perception that things work OK as they are and that there isn’t so much motivation to change. However, he thinks that the post-COVID world offers much greater potential for movement and he sees 2021/22 as the breakthrough period for blockchain. Kottackal is the company behind TradeTrip, a blockchain initiative that involves digitalization of documents. Currently those documents include Bills of Lading, Certificates of Origin, Warehouse receipts and Letters of Credit. “More document types can and will be added,” he told me. The TradeTrip solution is designed to work via API’s with a clients existing ecosystem of commodity-focused applications to provide greater transparency, trust and fewer transactions around documentation through the supply chain – particularly those documents around custody transfer. The solution uses blockchain as well as 2D QR codes to identify scanned documents and deep learning-based text recognition to aid in… continue reading
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