Eleven01 partners with STATWIG to bring transparency and reliability into cold chain

The team behind India’s first home-grown blockchain, Eleven01, has partnered with STATWIG to build intelligent blockchain-based solutions for the supply chain industry.

Eleven01 will be working in partnership with STATWIG, a cloud-based supply chain management company that employs blockchain and IoT to bring visibility and transparency in the extended supply chains. STATWIG’s solutions include tracking chain of custody of the products, ensuring cold chain management, and helping supply chain companies comply with regulations.

STATWIG offers solutions to various industry verticals that need cold chain management with respect to the storage and distribution of perishable products such as food, vaccines and biological products.

Since its inception in 2016, STATWIG has been using blockchain and IoT technology to develop a solution that can track and trace a product’s journey from the manufacturer to the consumer. The solution, according to the team, will prevent spoilage of products in-transit and by extension curtail wastage and the circulation on counterfeit products in the supply chain.

“The cold chain industry — projected to reach INR 2,293 Billion by 2023, at a CAGR of 15.4% — is a large one that faces major problems because of the lack of an effective tracking mechanism,” says Sid Chakravarthy, CEO and Founder of STATWIG. “The way the industry works at present provides for a high chance of manual errors ultimately leading to an unreliable supply and increased costs. With blockchain ledgers and smart contracts, we can introduce automated trade finance in the cold chain. We can trace the products’ journey and eliminate the tampering of data thus making the quality reliable,” he added.

Talking about building the solution on Eleven01 protocol, he/she added, “Eleven01 has a solution that makes the transition of a legacy-based industry to blockchain convenient. With their oracles, we can easily transfer the current databases to blockchain and build newer ones on them. The malleable privacy and the dynamic consensus offered by the protocol aid in catering to the different needs of the food and vaccines industries.”

Rama Iyer, the Eleven01 President shared his excitement for working with the team. “ Supply chain is a major industry in the country and around the world. STATWIG has thought of an innovative solution for improving the reliability and quality of this industry. We would be working with them to bring the blockchain technology into this sector and maintain optimal reliability, transparency, and quality