The British Standards Institution (BSI) has exclusively partnered with OriginTrail to deliver blockchain-enabled solutions that will enhance its global assessment, certification and supply chain services to confirm the provenance of goods and/or the integrity of digital records or services.
With the movement of goods and services around the world now reaching unprecedented levels and global supply chains becoming increasingly interconnected, complex supply chains demand trust. Organisations and consumer groups alike want to know that they can trust the integrity of the claims that manufacturers and suppliers make regarding employee work conditions, security compliance, the origins of materials used, the authenticity of their products and the health and ethics labels such as ‘organic’, ‘local’ or ‘responsibly sourced’.
Building on BSI’s expertise in compliance, assessment and certification with OriginTrail’s blockchain-enabled technologies, the two organisations will work together to develop solutions that will help firms prove the integrity of their global operations and that their product and/or services claims are real, have been verified and can be trusted. This type of blockchain application will be particularly relevant to the food, healthcare and built environment (ie digital buildings and Smart Cities) sectors due to them being highly regulated industries and the inherent complexity of their supply chains.
The aims of this partnership are to help clients comply with regulations and standards, meet customer expectations concerning products’ features and claims (safety, quality and other attributes), manage business risk and product quality and reduce the cost of non-conformities, be able to effectively manage product recalls with near real-time corrective action and extract more value out of data already generated in global supply chains.
Transparency and traceability “vital”
Howard Kerr, CEO of the BSI, said: “In today’s increasingly interconnected world, transparency and traceability throughout the supply chain are vital. This strategic partnership aims to provide our clients with the ability to demonstrate the authenticity of their compliance through the digital records of the assessments and certifications they have achieved from the BSI. Ultimately, building trust and confidence as consumers and business partners can easily verify the provenance of the goods and/or services they’re buying.”
Tomaž Levak, OriginTrail’s co-founder and CEO, responded: “We’re glad that the BSI has recognised the potential of blockchain technology to improve integrity within often opaque global supply chains, in turn helping to increase product safety, protect brands and decrease risk. We’re looking forward to creating solutions and services based on the needs of BSI’s clients and ushering them into the Fourth Industrial Revolution.”
Pietro Foschi, Group assurance director at the BSI, added: “We’re delighted to be partnering with the leading blockchain provider in OriginTrail. The many sectors and communities we serve desire greater transparency of their global operations and OriginTrail’s distributed ledger technology will allow us to build a robust and immutable verification ecosystem.”
BSI’s clients can already apply for OriginTrail’s blockchain services in the pre-release stage in order to be among the first to gain hands-on expertise with the technology for the supply chains of the future.