As the latest step in its ongoing digital transformation strategy, Tristar Group, a logistics solutions provider, has unveiled a new Proof of Concept (POC) based on blockchain technology aimed at supporting its logistics business.
Utilising IBM's Hyperledger technology and Amazon Web Services' cloud platform, Tristar aims to improve visibility and transparency across the supply chain process. Tristar's private blockchain will include end-to-end warehousing and transportation processes, while providing real-time over and analysis.
Eugene Mayne, Tristar's Group CEO, said: "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."
He added: "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."
Tristar's new solution is also expected to cutback on the number of human errors and paper wastage, while optimising warehousing manpower and scheduling. Tied together with the company's Warehouse Management System and transportation platforms, the solution will enable customers to access a single interface to monitor records and interact directly with Tristar.
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."