Tehran(Bazaar): Winston Ma, Adjunct Professor, NYU School of Law and the author of "The Hunt for Unicorns & The Digital War" in an interview with Bazaar News Agency said: blockchain is used to support food supply chain transparency and auditability to reassure consumers wary of food safety.
Following is the full text of the interview:
Bazaar: What advantages of using Blockchain in the industrial and food supply chain?
Winston Ma : For enterprises, blockchain is expected to apply broadly in the business world to revolutionize how data is managed and shared. Blockchain can offer an excellent solution to synchronize data, especially sensitive information, across companies, industries and geographical boundaries.
For example, because food scandals – ranging from rice grown in cadmium-tainted soil to infant formula tainted with melamine – is widespread in China, blockchain is used to support food supply chain transparency and auditability to reassure consumers wary of food safety. In June 2019, Walmart China entered into a partnership with consulting firm PricewaterhouseCoopers (PwC) and blockchain firm VeChain to create the Walmart China Blockchain Traceability Platform.
Bazaar: What is the Impact of the blockchain on Financial Services?
Winston Ma : The blockchain technology is revolutionizing the Financial Services. For example, blockchain has been applied into the supply chain financing (SCF) model in China, and the benefits are already evident, especially for SMEs (small- and medium-sized enterprises). Blockchain is the ideal technology to ensure that all data of the cash flow and trade flow among core enterprises and all-tier supplier (their performance and related risk factors) can be shared in an authenticated manner with the banks ( and themselves), even when there is no direct relationship between them. Thanks to the immutability and traceability nature of blockchain, the data exchange is secure, verified, and trustable throughout the blockchain in real time, so that all members of the supply network can access the information anytime. As such, the digital credit credential of receivables of suppliers are formed on the blockchain, based on which banks could extends credit to the upstream and downstream companies in a supply chain.
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