{"id":362,"date":"2018-08-04T20:36:26","date_gmt":"2018-08-04T10:36:26","guid":{"rendered":"http:\/\/34.220.156.218\/blog\/?p=362"},"modified":"2023-10-07T16:07:31","modified_gmt":"2023-10-07T06:07:31","slug":"podcast-blockchain-change-global-trade-supply-chain","status":"publish","type":"post","link":"https:\/\/incodocs.com\/blog\/podcast-blockchain-change-global-trade-supply-chain\/","title":{"rendered":"Podcast &#8211; How Blockchain will change Global Trade and Logistics"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The Import Export Podcast<\/h2>\n\n\n\n<p>Blockchain technology has the potential to revolutionize Global Trade and the import export process. Warwick from <a href=\"https:\/\/beefledger.io\/\">BeefLedger<\/a> explains what blockchain technology is, how it works and how blockchain solutions are being applied to real world import export shipments. Blockchain technology provides value for all parties along the supply chain, from shippers, freight forwarders, ports, customs, shipping lines and importers all over the world. Implementing blockchain throughout the supply chain will eliminate manual data re-entry, eliminate human error and increase security. It also provides the base for smart contracts to initiate events such as International payments when certain conditions are met.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Topics Covered:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><strong><strong>What Blockchain technology actually is?<\/strong><\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong><strong>How does Blockchain technology work?<\/strong><\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong><strong>How will Blockchain actually increase efficiencies in the logistics supply chain?<\/strong><\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong><strong>How will Blockchain increase security in the supply chain?<\/strong><\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong><strong>How does Blockchain technology enable smart contracts and payments with Crypto-Currencies?<\/strong><\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong><strong>How will Blockchain change the Letter of Credit process<\/strong><\/strong><\/strong><\/li>\n\n\n\n<li><strong><strong><strong>How can banks and other parties implement the Blockchain \/ Smart Contracts \/ Crypto-Currencies?<\/strong> <\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-left\">Listen to Podcast:<\/h2>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/anchor.fm\/incodocs\/embed\/episodes\/How-Blockchain-will-change-Import-Export-and-Global-Trade-e253dn\" height=\"102px\" width=\"400px\" frameborder=\"0\" scrolling=\"no\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-left\">Watch Webinar<\/h2>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/J2a20k2Iw40?rel=0\" frameborder=\"0\" allow=\"autoplay; encrypted-media\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">Are you working on innovative solutions for the Supply Chain? Contact us for Media partnership opportunities.<\/h2>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/incodocs.typeform.com\/to\/qNgOq4\">Contact Us<\/a><\/div>\n\n\n\n<div style=\"height:61px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Read full Transcript here:<\/h2>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:00:05:14\n<br>\nHi, everybody, it&#8217;s Ben Thompson here from incodocs.com and welcome to the Import\nExport Podcast. Today, we&#8217;re talking about blockchain technology. More\nimportantly how blockchain technology will actually affect the import-export\nprocess and make things better. We&#8217;ve all heard of blockchain. It&#8217;s a relatively new technology. There&#8217;s a lot of hype\nsurrounding it today, but we want to discuss how it will actually be applied to\nthe import-export process. Today, we&#8217;re joined by Warwick Powell from\nBeefLedger. Warwick, welcome to the show. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:00:38:03\n<br>\nGood day, Ben, how are you? <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:00:39:17\n<br>\nGood. Thanks, mate. So, today, Warwick, I want to break down blockchain into\nsome easy-to-understand parts. I want to explain it in some quite simple terms.\nI mean it can be quite a technical process but explain to our listeners what\nblockchain is and how it will actually provide real-world solutions to\nimport-export shipments all around the world? <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:01:04:10\n<br>\nSure. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:01:04:10\n<br>\nIt&#8217;s quite a big technology, you know. Some people say, that it can be quite\nthe biggest revolutionary change since the shipping container in the 1960s. So,\nyeah. So, before we get started why don&#8217;t you give us a bit of a background on\nthe experience you&#8217;ve had in this industry. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:01:24:02\n<br>\nLook, in terms of trade itself, I guess I&#8217;ve been involved, Ben, in trading\nmainly between Australia and China on and off for 25-odd years. In fact, my\nfirst experience of trading started with family connections who lived in a port\ncity called Zhuhai, which is on the other side of the border from Macau in\nmainland China. I work with them on \u2013 I&#8217;m bringing out of China, this would be\nback in the late 1980s early 1990s, a whole range of things like swimwear and\nthose sorts of artistic knickknacks. So, going all the way back then, I&#8217;ve been\ninvolved in one way or another trade. In the last 10-15 years or so, trades\nfocus a lot more on exporting Australian products, mainly in the food and\nconsumable space: food, wine. And those sorts of things that have really taken off in China. But on the\nother side of the fence, also, I\u2019ve been involved in bringing things like LED\nlights into Australia and into other parts of Southeast Asia. So, and natural\nresources of course, which was partly my background. I started working in the\nmining and energy industry 25 years or so ago. So, I continue to maintain some\nof those links. So, I contracting around natural resources and I\u2019ve been\nbringing in electronics and that sort of stuff. So, fairly diverse base of experience. Got to see how many different\nkinds of industries, dealing with different kinds of things had to facilitate\nthe processes. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:03:05:28\n<br>\nYeah, absolutely. It sounds good. It&#8217;s always good to have a chat with someone who&#8217;s been through the process\nbefore. So, more recently, I understand you&#8217;ve been working in blockchain, but before we get into that, I\nmean, can you explain on a basic level to our listeners&#8211; what chain technology\nactually is? <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:03:23:21\n<br>\nThe blockchain technology, in the first instance, is a decentralised ledger. In\nessence, business for 500 or so years and possibly even earlier than that,\nmaintain records in a ledger and that was to enable it to keep track of things.\nThe way in which computers have over the last 30 or 40 years enabled that to\nhappen in businesses is that business\nledgers and records have been maintained initially on central servers inside\nbusinesses themselves. So, you remember the days when information was stored on\nindividual hard drives and then eventually businesses implemented their own\nserver farms so that they would have their\nown servers. So, they&#8217;d be stored on servers. And now, of course, a lot of data\nis stored, not in servers inside individual companies, but are stored on the\nCloud. Nonetheless, that basic data storage mechanism and retrieval mechanism is a very hub and spokes kind of model. So, you put all your information into\na central point. There might be one or two backpacks of it, but usually, the numbers of computers involved are\nquite limited. Where decentralisation comes in is that it brings to the mix the\nidea of having a vast network of computers involved in the storage of\ninformation and involved in the provision of that information to the users of\nit. So, instead of there being a single place where data is now stored, the\ndata is stored simultaneously across many, many, many devices. So, that&#8217;s the\nguts of the decentralisation part of blockchain,\nBen. Of course, to make that happen involves a whole bunch of smarts in\ncryptography, as well as what we would call consensus protocols. Which in\nlayman&#8217;s terms is: &#8220;How do you get hundreds and possibly thousands of\nindependent computers actually agreeing that a particular record is the true\nrecord of a certain set of events.&#8221; So, they&#8217;re the challenges and they&#8217;re\nthe issues involved in how you make blockchains actually work as a very, very\nsecure decentralised storage of data. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:05:42:26\n<br>\nYeah. Okay. Great. And I think there are\nso many applications for blockchain within the industry. From what you&#8217;ve just\nexplained, it provides a decentralised ledger for the storage of information.\nBut, it also provides a lot of other increased efficiencies throughout the\nsupply chain. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:06:02:12\n<br>\nYeah. Look, it&#8217;s important, Ben, I guess for your listeners to sort of cut away\nsome of the hype if you will and focus on some of the core attributes. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:06:12:12\n<br>\nYup. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:06:12:12\n<br>\nAnd I think that the simple question to ask is: &#8220;What are block chains\ngood at?&#8221; Blockchains are good at a number of things. So, firstly, they&#8217;re\ngood at what we would call \u201cmaintaining the validity of an application state.\u201d\nNow, that&#8217;s a bit technical in the wording, but, what that essentially means is\nthat; whatever the information is to describe a certain state of affairs has\nactually been secured through a process and that process is known to the\nparticipants. That second feature and related to that is the idea that that process or that set of rules by which that\ninformation got to be on the ledger in the first place is transparent. So, the\npeople who are using that ledger, also have confidence that the rules by which\nthat information got there are being adhered to and that they know what they\nare. Once the data is put into the blockchain, the blockchain essentially\nconstructs a field of data through time. So, a whole bunch of transactions are\nbundled together. They&#8217;re then put into a block, surprise, surprise, that then\ngets installed across all the many different devices that are involved in the\nnetwork. Then the next set of transactions are put together and that creates\nthe next block and that second block is connected to the first block. So\nthere&#8217;s a process by which the data is built through time. Once it&#8217;s been built\nand validated, it means it&#8217;s impossible to actually unwind that. So, time only\nworks one way in terms of the blockchain, which makes that information very,\nvery difficult, I guess, to amend. Now, that&#8217;s a very, very useful attribute.\nThe third thing is that it&#8211; or the fourth point actually is that, the\nblockchain itself is what we would call \u201ccensorship-resistant.\u201d\nWhat that really means is that, it&#8217;s actually very, very difficult in a public\nblockchain for individual participants to either block other participants from\nputting information into the ledger, or to create false information on the basis\nthat they can sneak information into the ledger without anyone else knowing\nthat they&#8217;re trying to sneak information in. So, they\u2019re the sort of key\nattributes of a blockchain decentralised ledger environment. From a technical\npoint of view, it delivers to further attributes. One is, of course, is I think\nyou&#8217;ve mentioned a high level of security. In that centralised servers, of\ncourse, are vulnerable to attacks because everything&#8217;s in one place. So, if you\nknow that everything&#8217;s in one place, it becomes a little focal point for\nattacks, and so you need to build very, very costly defences against those attacks. The second technical attribute is that the network is described as fault\ntolerant. In other words, if one computer goes down, it doesn&#8217;t stop the\nnetwork from functioning. In fact, you can have many, many computers go down\nacross a diverse network, but the data continues to be maintained and updated\nand when those broken down computers come back online, they will literally pick\nup the threads from where they left off and refill the rest of the ledger. So,\nvery, very fault tolerant. When you&#8217;re dealing across borders where computer\nnetworks are exposed to different operating conditions, where they may be\nvulnerable, the idea of a decentralised ledger delivering this level of fault\ntolerance and security can be very, very important to long-term business\nsustainability. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:09:49:24\n<br>\nYeah. Absolutely. Security is going to be a lot better than it&#8217;s ever been\nbefore throughout the industry. So that&#8217;s a great point. When you talk about\ndata, I just want to give listeners an insight into what that data actually is\nand what it means along the process. So, for example, I mean, global trade,\nit&#8217;s important for people to understand that it&#8217;s essentially two parts of the\nprocess. You&#8217;ve got the physical goods, the physical containers, and the ships\nand ports, that are moving goods around the world. And then you&#8217;ve got what you\ntalk about is the data. And that data being starts from the shipper, you know.\nThe starts with the shipping documentation that they create, where they pass on\nto the ports and freight companies, etc. That process currently is driven by\nmanual paper documents, right? And everybody along that supply chain is, again,\nmanually re-entering data into their backend systems. You know, that&#8217;s\nobviously very time-consuming. Opens up the element of human error, of multiple\npeople retyping information, but also doesn&#8217;t give any \u2013 what surprises me is\nthat the industry lacks the verification of that data. These shipping documents\nare driving real-world shipments of clearing goods through customs, based on\nwhat&#8217;s been sent to somebody via email on a piece of paper, but, how does\nanybody actually know that that hasn&#8217;t, that somebody&#8217;s email hasn&#8217;t been\nhacked and hasn&#8217;t been forged or edited or manipulated? We just don&#8217;t know. And\nthis blockchain process is essentially going to give us all of that security,\nam I right? <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:11:34:15\n<br>\nLook, it&#8217;ll certainly improve on existing processes in a number of ways, Ben.\nAs you mentioned, the processes by which information is currently collected,\nrecorded and transmitted is very paper-centric, which involves a lot of human\ninteraction. We know that there is a significant risk in that process for error\nin that data by virtue of human error. Now, that doesn&#8217;t have to be even\nmalicious, it can simply be that someone just made an honest mistake. You only\nneed to make an honest mistake once and for that little piece of information to\nbe erroneously transferred from one piece of paper to the next will actually\nsee that entire paper trail if you want built\naround a piece of incorrect information. Now, that could be quite important at\nthe end of the day because that little bit of information that was erroneously\nrecorded early on in the process, could cause something to not get through a\ngateway of some sort. Which could cause significant losses, it could cause a\nperishable to sit on a dock for a long time or whatever it happens to be. So,\nthe digitalisation itself of those processes can be very, very, very useful.\nNow, digitalisation is, of course, something that is already happening in the\nindustry and I know that IncoDocs is one of the leaders in that space. But,\nonce we digitise that information and we bring that into a digital domain, the\nissue is how do we ensure that it is highly secure and that it is accessible\nright through the whole supply chain in that secure format. Now, the blockchain\ncan provide a technical solution to that, so that the information that is\nbrought in through a digitisation process, once validated as accurate, actually\nsits there available as a resource to everybody in that blockchain to then\nrefer back to. Your listeners may have heard people talk a lot about things\nlike; smart contracts and that sort of stuff. In essence, that information\ncould be stored in a smart contract available to downstream users. It could be permission-based, it could be totally open, it\nreally depends on the rules that you want to write to govern that access. That\nenables all the key players in a process to refer back to what is essentially\nthe single source of authority in that supply chain. So, it could be the source\nof authority about the thing or where it came from or how much it weighed or\nwhatever its attributes are. I think it&#8217;s probably useful just from your\nlisteners\u2019 point of view to just to backtrack a little bit and open up that\nlittle black box that you talked about before between the two parts to global\ntrade. He described the things and that move and the data about those things.\nThat&#8217;s how we tend to think of it as well, is that there are things and the\ndata about those things. And ultimately, payments are made not actually against\nthe things themselves. Payments is\nactually a movement of data the other way and that\nhappens when the information about the things matches up to what they&#8217;re meant\nto be. That there is &#8220;X&#8221; amount of something arrived at a certain\ntime from a certain process, from a certain exporter shipper,&#8211; cut the seller,\nwhatever it happens to be on a particular boat, et cetera, et cetera, et\ncetera. When you line all of that information up, then it triggers actually\nanother movement of information, which is the movement of information from one\naccount to another account. So, for us, the blockchain really creates a range\nof mechanisms to streamline and automate the transactional dimension as well.\nSo, not only is it a secure data repository, it&#8217;s also the technology that\nallows us to take that security and drive efficiencies in transaction processes\nand payments processes. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:15:44:18\n<br>\nAbsolutely. That&#8217;s automated payment options has never been an option before in\nthe industry. I&#8217;m excited about it. I think blockchain along with the ability\nto have smart contracts and make near-instant payments with cryptocurrencies or\nwhatever, is really going to change the way people trade because why would\npeople want to go transfer their money at a bank which might take three to four\nto five days to clear at most often quite a bad exchange rate when an instant\npayment with very low fees is just such a better solution for global trade. How\ndo you see it actually changing the payment process of it? Is it going to take\na long time? Is it going to take five years or what&#8217;s going to change in your\nthoughts? <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:16:35:13\n<br>\nLook, it does open the potential for a very,\nvery rapid and low-cost cross-border\ntransactions, as well as intra-jurisdictional\ntransaction between parties. One of the challenges that the industry, in terms\nof the blockchain industry, I think, faces in terms of its implementation into real-world environments, is going to be that\ninterface between the cryptocurrency if you will and the existing regime of\nfiat currency. Fiat currency, being a national currency, is whether they&#8217;re US\ndollars, Australian dollars, Chinese renminbi or whatever it happens to be.\nUltimately, business is involved and embedded in national supply chain and international\nones for that matter do need to ultimately settle a lot of their accounts in\nconventional currencies. So, one of the challenges is to achieve some stability\naround how a cryptocurrency relates to a fiat currency, on a dollar-for-dollar\nbasis if you will. The other one is to deliver the streamlining of the\ntransactions process with the support of existing banking institutions. So, a\nconventional letter of credit, for example, in very, very simple terms is\nessentially a promise being made firstly between, say, a buyer and the buyer\u2019s\nbank, and then between the buyer\u2019s bank and the seller\u2019s bank, and then\nultimately between the seller\u2019s bank and the seller. Now, there&#8217;s a whole lot\nof trust and friction points in those processes. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:18:10:10\n<br>\nAnd nobody likes doing LCs, by the way. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:18:14:23\n<br>\nWell, it&#8217;s a very, very old-fashioned way of writing promises basically. It\ndoes depend upon two banks trusting each other. And we know after the GFC,\nthere were a lot of issues around intra-bank trust. So, even though a buyer\u2019s\nbank may be trusting of the buyer in terms of their ability to meet their\ncredit obligations. The seller\u2019s bank might have had a very, very different\nattitude and so was reluctant to become the counterparty or to essentially\ncomplete&#8230; &#8230;the funds transfer if you will given\nrise to buy an LC arrangement. So, a blockchain enables a number of things in\nthat regard. One, is that it can create a\nvery transparent repository of funds. So, it is possible to create on a public\nblockchain a permission-based\nenvironment, so that you could actually see that funds are available and that\nthey&#8217;ve been escrowed and put aside subject to condition. So, you know that the\nresources are there in the first place. The second thing, it can then do is\nstreamline the costs and the time involved in the transfer of those, so long as\nyou perform the conditions of the agreement. So, provided that you perform\nthose agreements and you meet the obligations of your contract of service,\nyou&#8217;ve delivered &#8220;X&#8221; things at the right time, under the right\nconditions, then those funds can be released. Now, those funds are released in\na crypto sense. Once they get released in the crypto sense, you still need to\nconvert them into a conventional currency if that&#8217;s what you need to do. So,\nhaving the support of the mainstream banking institutions can be a really\nimportant part of a transitional process whereby, supply chain participants can\nmake use of the benefits of streamlining and transparency, whilst at the same\ntime maintaining that connection to the conventional world of fiat currencies. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:20:18:28\n<br>\nYeah. I guess, and that\u2019s a fine line, I guess, when it comes to banks becoming\ninvolved, I mean they&#8217;re traditionally holding the ledger. They have their own\nledger where this is blockchain, this in cryptocurrencies\nis a distributed ledger. So, I mean where does that fit? Are the banks going to\ntry and turn that into more of a traditional process like we&#8217;ve seen before and\ncontrol that, or is there somewhere in\nbetween which is a good fit? <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:20:44:18\n<br>\nLook, there&#8217;s probably going to be a number of hybrids, I think, Ben. Over time\nthat will deliver to different participants in supply chains. Different levels\nof comfort around what matters to them. So, from a blockchain perspective, and\nthere are probably three broad types, I guess. One,\nis a public blockchain where it is permissionless in that anybody can become a\nnode and participate in the maintenance of the ledger. Then we have a more\ncontrolled blockchain environment if you will which involves multiple parties\nthat aren&#8217;t directly related with each\nother. They&#8217;re often described as &#8220;federated blockchain.&#8221; So, a\nfederated blockchain could be one that a supply chain implements, so that\neverybody involved in a particular supply chain says: \u201cYep. Whilst we might not\ntrust everybody else in the supply chain, we know that we have a common\ninterest and that is, that this supply chain has got to work smoothly,\nefficiently in a low-cost manner so that we can all benefit from the fact that,\nyou know, I produce something, I then sell it, someone transforms it, resells\nit, packages it and sells it and we all depend upon the chain working\nefficiently to do that.\u201d We might say: &#8220;Instead of there being a central clearinghouse\nfor transactions together, we&#8217;re going to create a federated blockchain that\nenables all of us to participate in maintaining this supply chain\u2019s\nledger.&#8221; Then you have private supply chains and that&#8217;s private\nblockchains I mean. That&#8217;s probably your third type which, essentially, is a decentralised\nledger structure, but fully controlled by one or two organisations. So, the\nsecond model is possibly one that will\nfind a lot of favouring many supply\nchains, where you don&#8217;t necessarily want to have hundreds or thousands of nodes\nof a computer network involved, but you are very committed to the idea of the\nsecurity and those sorts of fault tolerance benefits of decentralisation. And\nyou say, \u201cOkay, well, we&#8217;re going to pull together an industry and that\nindustry is going to involve&#8211; the main banks involved in it, it&#8217;ll involve the\nmain shipping companies, suppliers of containers, the suppliers of trucking\nservices, product manufacturers, packaging manufacturers and others. There\nmight be 50 or 60 participants come together and go, &#8216;Right, we&#8217;re going to set\nup a supply chain blockchain.&#8217;\u201d So, that&#8217;s something that I think is quite\nconceivable that can bring some of the benefits of decentralisation without\nnecessarily totally turning our world upside down. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:23:42:14\n<br>\nYeah. Absolutely. There&#8217;s got to be some sort of fit there, which works well\nfor, for different industries, I guess. I guess that brings us to what you&#8217;ve\nbeen working on at BeefLedger, which is specifically the beef supply chain. Can\nyou run us through, you&#8217;ve explained a lot on the technology in the blockchain\nand how it can help. In what you&#8217;re doing right now, can you run us through as\na shipper, as a buyer and seller, and a\nconsumer for the beef&#8230; <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:24:14:05\n<br>\nSure. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:24:14:05<br>\n&#8230;exporting from Australia? What are the benefits to the parties along the\nsupply chain through what you&#8217;re doing with blockchain? <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:24:21:23\n<br>\nLook, I think the main benefits, relate to ultimately increasing the level of confidence that end consumers have in the\nveracity of the product itself. There is&#8230; &#8230;a large degree of concern around\nfood fraud. Right now, in the last 24-hours even, we&#8217;ve had an explosion of\nconcern around food fraud, particularly about the adulteration of honey. And\nthat&#8217;s just one instance where food fraud is part of what I think KPMG\nidentified or might&#8217;ve been PwC, as a 40-billion US-dollar problem, every year.\nWhat we&#8217;re saying is that, in emerging markets in particular where there is\nrapid growth in the demand for new kinds of food products. Whether they&#8217;re the\nproteins or honey or dairy or whatever they happen to be, or wine, luxury\nitems, we are also seeing a growth in the incidence and the risk of food fraud.\nSo, our first objective with BeefLedger is to provide another layer of security\nthat will contribute towards addressing this food fraud problem. And so, our\naim really is to ensure that a consumer has the ability to verify that at the\nvery least the data thread that connects the product that they&#8217;ve got in front\nof them with wherever it came from is as robust and as dependable and as\ntransparent as possible. So, we\u2019re utilising the transparency benefits of a\npublic blockchain to deliver what we hope will be a higher level of confidence\naround the veracity of the data. That, of course, raises a challenge which is\nwhat we loosely described as the &#8220;Rubbish in, Rubbish out&#8221; problem.\nThe blockchain, being what it is, once the data goes in and it&#8217;s validated,\nIt&#8217;s very hard to unwind. So, for us, this now focuses our attention on\nimproving data input quality and the systems that capture the right information\nto put it into the blockchain. There&#8217;s no point having a really secure data\nstorage environment if we&#8217;re sloppy when it comes to actually collecting the right kind of data. So, as we\nwork our way through the supply chain from consumer all the way to producer, we\nare now working very, very closely with people involved in packaging, the\ninternet of things, transporters, scientific laboratories, et cetera, et\ncetera, to create the right kinds of digital artifacts and the methods by which\nwe validate those digital artifacts. In other words, validate that the data is\ntrue when we put it onto the blockchain itself. So, we firstly tackle that\nissue of confidence in the thing itself. &#8220;Is this really Australian\nbeef?&#8221; That&#8217;s the first thing we do. The second thing we do, of course, in\nsolving the question of: &#8220;Is this really Australian beef?&#8221; is that\nwe, also&#8211; as we were discussing earlier, you know, trades actually&#8230; &#8230;the\nthing itself and data about things and when that data about things is right,\nthen payments happen. So, once we get the data about things to be right, we can\nalso make payments happen smoothly. The second benefit of what we&#8217;re working\ntowards is to improve payments, both from a streamlined point of view and from\na cost of cross-border transactions point of view. Now, the last piece of the\njigsaw puzzle, once we start doing that is that it opens up the real\npossibilities of creating new economic models that will incentivise people in\nthe supply chain to do the right thing. So, if the problem is, for example,\nfood substitution, in other words, Australian meat being replaced with meat\nfrom some other country and being sold as Australian meat. We have to ask\nourselves the question, \u201cHow do we use these technologies to increase the\nlikelihood that the person who was substituting the meat chooses to no longer\nsubstitute the meat?\u201d In other words, \u201cHow do we make it worth someone&#8217;s work\nto do the right thing instead of the wrong thing, and how do we validate, that\nin fact, it was that person doing the\nright thing?\u201d So, a very simple example I use, Ben, is to talk about a future\ndesired outcome. An outcome that, we all in the industry desire to happen is\nthat a particular&#8230; &#8230;container or a box of meat arrives at a particular\nplace at a desired time and is only opened by authorised people. Now, if we can\nachieve that, then we are able to do for consumers a higher level of confidence\nthat the integrity of the product itself has been maintained. The risk in that\nprocess is that, right now, the economics drives some people in that process to\nsay, \u201cActually, I&#8217;m not going to do the right thing or I&#8217;ll turn a blind eye to\nthe wrong thing being done because there&#8217;s more to be made by letting the wrong\nthing happen.\u201d We&#8217;ve got to turn that around and we want to be able to say,\n&#8220;If you&#8217;re the person who&#8217;s meant to be opening that box by being able to\nprove that it was you opening that box, we also ensure that you are rewarded to\nthe maximum extent possible. As opposed to, trying to make more money if you\nwill, by selling a bit of fake meat, and then selling the real deal on the\nblack market.&#8221; So, that&#8217;s the third and final frontier for us. We call\nthat &#8220;mechanism design,&#8221; and it really draws on a lot of work being\ndone in that specialised discipline of economics, which derives from game\ntheory. You probably remember that movie \u201cA Beautiful Mind.\u201d And that was\nreally about game theory and how people and economic agents behave under given\ncircumstances. We&#8217;re taking a lot of those learnings and applying that into a\nblockchain environment to drive the pursuit of excellence, number one. But, you\ndo that by rewarding the achievement of excellence. So, that&#8217;s what we&#8217;re up to\nat the moment and I\u2019m heading off to China, actually, very shortly as part of\nthe Australian blockchain delegation. We&#8217;ll be talking to a lot of folk in\nChina at a regulatory level, at a banking level and at a customs and quarantine\nlevel about how this technology can provide them with greater visibility, much\nmore certainty that in fact, it&#8217;s a real\ndeal coming through the ports and that consumers in China are going to get what\nthey&#8217;re paying for. And in that process, hopefully, reward the participants in\nthe supply chain by doing the right thing. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:31:44:12\n<br>\nYeah. That&#8217;s very interesting. So, in your particular case, as you mentioned,\nwith beef supply chains, just as an overview that the consumer, they know for\nsure that that&#8217;s the meat that&#8217;s come from Australia, that it&#8217;s been looked\nafter, that it hasn&#8217;t been tampered with, straightaway at the supermarket, off\nthe shelf. So, they can simply scan a QR code and get that verified\ninformation. And what that does is essentially\nincreases the price that the consumers will be willing to pay because they know\nthey&#8217;re not going to buy fake meat or meat from another country. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:32:22:09\n<br>\nYeah. Absolutely, Ben. Look, we know that consumers in marketplaces, where\nthere are significant concerns around\nfraud, do pay a premium for what they believe is the real thing. Now, that\nhappens in all sorts of product categories whether they&#8217;re handbags, motor\nvehicles or foods themselves. We already know that consumers in China pay a\npremium for imported meat products from Australia, from the US and from Canada\nover what they will pay for domestically supplied products or products from other\nparts of the world. What that implies is that a consumer recognises a certain\nvalue in the country of origin of that product that is above and beyond the\nmere fact that it&#8217;s a kilo of something or another. We know from research from\nthe Meat and Livestock Association that the country of origin is the single\nbiggest driver of imported beef purchasing decisions by Chinese consumers. We\nknow that the second big one is actually animal welfare. So, that deliver data\nand visibility and transparency around that data to consumers on just those two\npoints alone is going to give consumers the ability to differentiate the real\ndeal from something that may be simply pretending to be the real deal. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:33:50:11\n<br>\nAbsolutely, yeah. So, yeah. That&#8217;s obviously going to bring a lot of a lot of\nextra value and a lot of shippers, buyers and sellers are quite interested in\nblockchain and enabling that blockchain process through their supply chain.\nBut, I guess at a users point of view, the real key to it is that it has to be\nvery simple and as seamless as possible, I mean, and essentially, no different\nto what they&#8217;re currently doing, right? I mean, a blockchain is a technology\nthat sits behind what happens with the data but in their day-to-day operations,\nin their creating of documents, in their transferring of data and communicating\nwith parties. I mean, I think the real key to it is to making that look like\nit&#8217;s not on a blockchain, but you&#8217;re getting all of those benefits of the\nblockchain. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:34:45:03\n<br>\nLook, Ben, you&#8217;re absolutely right on\nthat. One of the challenges for anything that&#8217;s driven by technology is to make\nthe technology incredibly human. I often use the analogy that as human beings\nwho are interested in the time, I actually just want to know what the time is.\nI don&#8217;t really need to know how that clock is made. I think the same comes with\nthis technology as well. People need to have access to the functionality and\nthe benefits of the technology without ever really needing to know too much\nabout the technology itself. We don&#8217;t ask how it is that a mobile phone works today and yet, we make use of a\nsmartphone in all of our activities. And the same I think is going to need to\nbe done at a blockchain level where the human interface must be seamless, it\nmust be driven by enhanced user experiences. And, in a sense, it has to be done\nin a way that makes the transition from one world to another&#8211; if you will,\nimperceptible. So, whether or not the data that is being processed is being\nprocessed in a blockchain or a decentralised ledger environment versus a centralised\nledger environment, really shouldn&#8217;t be something that worries a person who is\ninvolved in the supply chain process. So long as, they know what they need out\nof the process is being done. And what they want, of course, is to save time,\nthey want to save money, they want to make sure that what they&#8217;re selling or\nwhat they&#8217;re buying is actually done in the least cost smoothest way possible\nand to be ultimately profitable so that\nthey can do it again tomorrow. That&#8217;s what people in supply chains are looking\nfor. They&#8217;re looking for authenticity in the product, they&#8217;re looking for security of payment and they&#8217;re looking for\nhigh levels of efficiency where we can take out of the process&#8211; drudgery if\nyou will. The repetition that comes with traditional document formation&#8211;\ncreate automation. But, In a way that is still incredibly real. The bottom line\nis, is that people are tactile animals,\nif you will. We live in smartphone-driven environments, but we swipe, we pinch\nscreens. So, when we complete forms, we need to be able to do it in a way where\nthe experience doesn&#8217;t look like you&#8217;re entering into a different universe. We\nwant to fill a form in that looks like a form. We don&#8217;t even need to know that\nthat data that are getting stored on some smart contract on a decentralised\nledger somewhere, that&#8217;s not important. What matters is that, when I perform my\nservice to the agreed standards that, lo and behold, what I&#8217;m promised in\nreturn is actually done. I get paid for delivering X, Y and Zed to the next\nperson down the supply chain. And that&#8217;s how we&#8217;ve got to get this industry\nfocused. Is to get it really committed to understanding end users of systems,\nnot just consumers but end users within supply chains. Whether they&#8217;re\nshippers, freight forwarders, truck drivers, merchants who are receiving\ndeliveries each and every day. People&#8211; right back to people who are working on\nproperties, putting ear tags into cattle. Everybody involved in a supply chain\nprocess needs to have a smooth experience when it comes to how; what they do,\nbecomes captured as data and digitalised. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:38:24:10\n<br>\nYeah. I think we&#8217;re in an exciting time. We&#8217;ve just seen some of the biggest\nplayers in the industry and the shipping industry it&#8217;s taking blockchain\nseriously now. You&#8217;ve got the Maersk and IBM partnership which they&#8217;ve\nannounced probably 12 months ago. And a lot of other shipping lines and freight\ncompanies and port service providers and other trucking companies along the\nsupply chain, they know this is serious and everyone needs to get together to\nmake it work. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:38:53:04\n<br>\nAbsolutely. Absolutely, Ben. Look, one of the things we&#8217;re really focused on in\nterms of what we&#8217;re doing at BeefLedger is to ensure that the architecture that\nwe develop, and the methodologies around our blockchain structures if you will,\nas general-purpose as possible. So, that different blockchains can interact\nwith each other in a seamless or frictionless way. There&#8217;s no point having\nsiloed universes where you&#8217;ve got one group of people maintaining a ledger on\none blockchain environment that can&#8217;t interact with people who are transacting\nin other blockchain environments. So, data that may be stored in an environment\nthat has been built on, say,&#8230; &#8230;the hyper ledger fabric that needs\nultimately to be something that is accessible from, say, a smart contract that\nhas been developed in the ethereum\nenvironment. They&#8217;re the sorts of fourth frontiers, if you will, for us. As we\nstart thinking about becoming generalisable and useful across many industries\nwithout being&#8230; &#8230;too prissy, if you will, about which particular technology\nwe favour. It is about being general\npurpose and it is ultimately about being blockchain protocol agnostic. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:40:20:29\n<br>\nYeah, it&#8217;s exciting times. I can&#8217;t wait to see what develops in the next 12\nmonths, 24 months and five years time. I think it&#8217;s really going to change this\nwhole industry. We\u2019ll be part of that. You can pull any blockchain in the near\nfuture. I hope that all of these parties work together, the quicker the better.\nYeah. That sounds it\u2019s exciting times. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:40:51:24\n<br>\nAbsolutely. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:40:45:20\n<br>\nYeah. Appreciate your time, Warwick. Thanks very much for taking the time to\nchat about blockchain. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It\u2019s\nmy pleasure and great working with IncoDocs. <\/p>\n\n\n\n<p>Ben: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 00:40:55:03\n<br>\nThanks, Warwick. Cheers. <\/p>\n\n\n\n<p>Warwick: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain technology has the potential to revolutionize Global Trade and the import export process. Warwick from BeefLedger explains what blockchain technology is, how it works and how blockchain solutions are being applied to real world import export shipments<\/p>\n","protected":false},"author":2,"featured_media":3847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3112],"tags":[3114,3113,3116,3115],"class_list":["post-362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-software-tools-resources","tag-for-exporters","tag-for-importers","tag-podcasts","tag-videos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain in Supply Chain: Revolutionizing Food Authenticity<\/title>\n<meta name=\"description\" content=\"Warwick from BeefLedger discusses how Blockchain technology will improve the global logistics supply chain security, efficiency, transparency and payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/incodocs.com\/blog\/podcast-blockchain-change-global-trade-supply-chain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Podcast - How Blockchain will change Global Trade and Logistics\" \/>\n<meta property=\"og:description\" content=\"Warwick from BeefLedger discusses how Blockchain technology will improve the global logistics supply chain security, efficiency, transparency and payments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/incodocs.com\/blog\/podcast-blockchain-change-global-trade-supply-chain\/\" \/>\n<meta property=\"og:site_name\" content=\"IncoDocs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/IncoDocs\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-04T10:36:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-07T06:07:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/incodocs.com\/blog\/wp-content\/uploads\/2018\/08\/Blockchain-Change-Global-Trade-Import-Export-Shipping-IncoDocs-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1125\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ben Thompson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@incodocs\" \/>\n<meta name=\"twitter:site\" content=\"@incodocs\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ben Thompson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"28 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/incodocs.com\/blog\/podcast-blockchain-change-global-trade-supply-chain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/incodocs.com\/blog\/podcast-blockchain-change-global-trade-supply-chain\/\"},\"author\":{\"name\":\"Ben Thompson\",\"@id\":\"https:\/\/incodocs.com\/blog\/#\/schema\/person\/3b49dacf9c9232eba225f81694214fb8\"},\"headline\":\"Podcast &#8211; 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