B-Verify in the Supply Chain

Despite all the hacking news,  there are still some key applications popping up.

How a New Technology Can Disrupt the Global Supply Chain  in K@W

An interdisciplinary team from MIT, Wharton and Boston College has created a new blockchain-based system that has the potential to disrupt the global supply chain. Called ‘b_verify,’ the system is designed to help small and medium-size enterprises — especially those in developing nations — get financing from lenders at potentially better terms while mitigating warehouse deposit fraud. The system brings greater transparency to a key part of the supply chain, which can have a big impact on global trade financing. B_verify introduces a series of blockchain technology innovations tailored to facilitate supply chain finance and operations management.

“The potential benefits are vast and global in scale,” said Gerry Tsoukalas, Wharton professor of operations, information and decisions, who was part of the team. Small and medium-size enterprises, he said, represent the backbone of many economies in the world, and they account for more than half of the jobs as well as a third of global GDP. But despite their scope and impact, these companies have a harder time getting financing than larger established firms. He said the World Bank estimates their global financing shortfall to be $2.6 trillion. ... "