How blockchain and the IoT is laying the groundwork for the digital economy

By David Beach | 15 January 2018

Over the last few months, several pioneers in the blockchain space have spoken to bobsguide about the exciting new world of the digital economy. Indeed, we’ve experience firsthand the sort of wild speculation rife in the community. It’s very well to hear about the future changes to society but we’re interested in how those changes will come about and what initial steps need to be taken to sort sci-fact from sci-fi.

To that end, we spoke to Samantha Radocchia, Co-Founder of Chronicled, who is combining IoT and blockchain to automate supply chain processes and put the necessary groundwork and infrastructure in place before the oft prophetised digital economy can take off.

How did you come to Chronicled and what does Chronicled aim to do?

I personally co-founded two companies focused on inventory management and ERP systems which is pretty similar to what Chronicled is doing now.

We founded Chronicled in 2014 with the mission of finding non-cryptocurrency use cases of blockchain. We looked to represent non-financial assets on the blockchain so anything from cars, luxury goods, fine wines to IoT devices.

The reason for this was to be first in market to register unique digital identities. On top of that, we believed we could build upon that unique identity to power interactions in supply chains and the machine economy. We use the blockchain as a trusted and interoperable backend to power these automated supply chain processes that other systems can plug into.

As an example, think about a car that’s hooked up to the petrol pump and can pay for its own fuel using smart contract payment; in this way you can have complete machine economy automation.

It sounds like you are looking to use blockchain to smooth operations in the digital economy.

Correct, it’s one thing to tokenize and digitise assets, but without the additional information ensuring the authenticity, quality, and physical identifiers it would be very difficult to build financial economies on top. We’re the layer of digitisation where we interconnect and test the existence of these uniquely identifiable assets along with the necessary additional information. Until we can connect these assets on a common backend with common protocols we can’t collect the valuable rich data.

In effect, we’re building the digital marketplace before the tokenization and traders come in.

Other than the security, what other protocols would a blockchain provide?

The trust associated with security is a massive element, but the efficiency of using blockchain not only speeds up processes but paves the way for automation.

Chronicled provides blockchain solutions for a diverse range of industries. What common requirements do all the industries share?

We’re a full platform offering unique digital identities to real world objects with the ability to track, trace and transfer custody throughout the supply chain. I’ll give a few examples of what that looks like. In the pharmaceutical industry we track drugs from the manufacturer to the distributor and ultimately the patient.

In the seafood industry, fishermen can uniquely identify lobster on the blockchain as soon as it’s out of the water. The layer on top would see that catch of lobster tokenized and the fisherman paid with working capital before they even set foot on the docks. You can imagine the same in the luxury goods sector to prove the movement of genuine and authentic handbags.

Of course, you need a secure way of attaching the physical asset to its digitised representation. Depending on the price of the asset, we do this through heavily encrypted PKI/NFC microchips at the top end of the spectrum to QR and barcodes.

For a lot of our industries, counterfeit products are minimal and their primary concern is diverted product, this is where our track and trace comes in to provide another level of transparency to bring disparate parts of the supply chain ecosystem together.

Where do you think Chronicled and blockchain digitisation will go in 2018?

The tokenization of assets is a very exciting and more and more this is being offered as a solution on our platform. We hope that on top of uniquely identifying, authenticating and tracking gold to vault you can also trade ownership. You can expect Chronicled to move into food & beverage, agriculture, automotives and precious metals so there’ll be a lot of growth in those verticals for 2018.

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