William Pete, CEO of Energy Ledger, claims that his company has created a decentralised ERP system that merges blockchain with supply chain management.
ERP (enterprise resource planning) software can be costly, especially for small businesses. While ERP behemoths like SAP experiment with blockchain-based solutions, a tiny team is now attempting to give an alternative that uses decentralised apps to do comparable services (DApps).
Energy Ledger’s CEO, William Pete, claimed that his company was able to develop apps that enable for the tracking and tracing of supply chain logistics for products like crude oil by incorporating blockchain technology.
“For years, major oil and gas producers have looked into blockchain technology, but their internal think-tanks have failed to come up with a solution,” Pete explains. He claims that his team has risen to the occasion and created an ERP DApp that includes a mechanism for integrating blockchain into supply chain management.
“Due to faults in how commodities transactions are completed,” Pete explains, “WTI oil prices dropped to negative rates in 2020.” Supply data mismatches have made effective transaction settlement extremely challenging. Pete, on the other hand, points out that blockchain’s inherent capabilities answer this by allowing businesses to track their supply “down to the molecule.” As a result, such complications with trading are avoided.
Tokens on the blockchain can be used to validate the data’s integrity. They’re utilising a token to “hash the data and match to PDF files in IPFS,” according to Pete. This establishes the credibility of all information and allows teams to be held accountable for any product losses in the supply chain. Pete also says that a blockchain-based solution to SAP supply chain tracking may save $99,000 in costs.
While many people doubt the efficiency of carbon offsets, the Energy Ledger team offers a means for businesses to reduce their carbon footprint. To provide a range of carbon offset projects for oil producers, they are using nonfungible tokens (NFTs) linked to Rainforest Alliance Certified Carbon Offsets.
Walmart, the world’s largest retailer, began developing a blockchain-based supply chain tracking system for suppliers in 2018. With the benefits of blockchain ripe for the taking, the company teamed up with IBM to develop a system with end-to-end traceability. At this time, the system’s installation has even reached Walmart’s Canadian subsidiary.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
