How can the planned supply chain act be implemented in practice? The blockchain provides the answer!
The European Parliament's Legal Affairs Committee has voted in favor of a European supply chain law, and now many companies are asking themselves how they should implement the planned supply chain law in practice. This is where blockchain technology offers the right solution. Stannol has set itself the goal of disclosing the supply chain of its used tin and guarantees through this transparency that social and environmental standards are met. As a partner, Stannol works with Minespider, a company that specializes in blockchain technology. The blockchain technology enables a complete traceability of the tin back to its origin through digital certificates.
HOW DOES THE BLOCKCHAIN WORK
Behind blockchain is a technology such as that used by various cryptocurrencies. A decentralized structure for the administration and verification of transactions secures it against subsequent manipulation. In a blockchain, the involved users store information in data blocks. These blocks are linked to each other and the data stored in them must be verified by everyone. Because the blocks are linked, the information is stored indelibly. The bottom line is that blockchain is a new way of understanding data - and making it more secure, trustworthy, and decentralized.
DIGITAL CERTIFICATES FOR EACH STATION IN THE SUPPLY CHAIN
Through the Minespider blockchain software, digital certificates are created along the supply chain, documenting both the origin and the production conditions of the materials. Using QR codes on the products, the history to date can then be viewed digitally.
THE MINESPIDER PROTOCOL
To ensure that sensitive supply chain data is protected despite the open source approach, the software relies on a data structure composed of three levels. On the first level, information is passed on so that everyone can see it (these become visible when the DMC code is scanned), while on the second level there is data that is to be shared along the entire following supply chain. On the third level, confidential data can be communicated - this level is only visible to the sender and receiver of a digital certificate.