It seems like there is a new blockchain-based solution for every problem and industry there is nowadays. In an atmosphere reminiscent of the dotcom boom of the late 90s, the ICO gold rush of 2017 led to a fad where just about anything with the word “blockchain” attached to it was seen as a potential money maker (blockchain iced tea, anyone?). The correction that followed has given a lot of people pause for thought: what industries actually NEED blockchain solutions for their long-standing problems? While there are many industries that stand to gain from this groundbreaking new technology, it is the world of supply chains and logistics that might benefit the most from blockchain solutions. There are numerous projects focusing on various aspects of this industry, but today we’re going to focus on Waltonchain (WTC), a project which has gained considerable attention over the past year for its unique approach to disrupting supply chain management.
What Are the Challenges of Global Supply Chains? What Problem is Waltonchain Trying to Solve?
Global supply chains are what makes possible the modern economy and lifestyle that so many of us enjoy. Take a quick look around your home — all those items came from raw materials which were sourced from one location, shipped somewhere else to be manufactured into finished products (which may include many components shipped from elsewhere), sent to warehousing, then shipped to wholesalers, who then sell to retailers, who finally sell them to you, the end user. There is an enormous amount of logistical work that goes into making all this happens, and as amazing as modern supply chains are, they are unfortunately plagued by inefficiencies. communication problems and fraud. Let’s examine how Waltonchain wants to solve these problems one by one.
The root of all the problems with modern supply chains is fragmentation. Each of the various parties in the supply chain are following different internal processes and using different IT systems which do not communicate with one another. These information silos lead to communication problems and inefficiency, and in many industries, fraud.
In this kind of situation, how you can ever really be sure that the final product you buy, such as diamonds, organic coffee or designer hand bags, are what they appear to be? How do you know it is not a counterfeit with a false label on it?
Well, the short answer is, you can’t. The bottom line is that foolproof authentication of goods is impossible if you are using fragmented systems, especially older systems which generate records that can be falsified or edited.
While legacy systems designed to track the movement of goods work reasonably well, if they were effective at authentication and stopping the proliferation of counterfeit items, then illegal knockoff products would not be nearly $500 billion industry.
This is where Waltonchain comes in. If you know anything about how blockchain tech works, you can probably begin to guess how its immutable nature would lend itself toward a solution here. This is why there are so many projects trying to build a universal blockchain solution to supply chain woes.
One thing that distinguishes Waltonchain from other projects is that it is built around the unique idea of combining the immutability of a blockchain network with Radio Frequency Identification (RFID), a logistics technology that has been around for decades. In fact, this is actually the root of the projects’ name: it was named after Charlie Walton, the inventor of RFID tech.
Waltonchain uses the time-tested power of RFID tags to track the movement of goods from one end of the chain to the other. It then uses the blockchain as a way for users to view the entire history of a particular item through each step in the chain, all in one place. It will essentially combine disparate Enterprise Resource Planning (ERP) systems into a single channel, allowing seamless entry and authentication of information between all parties.
According to the white paper, the native WTC token plays a key role on the Waltonchain mainnet in the governance system, the creation of child chains for specific tasks is the supplychain management process, a credit and mortgage system, and much more.
If successful, this unusual combination of proprietary physical hardware (the RFID tags) and a blockchain network will dramatically increase supply chain efficiency and eliminate fraud — if it is widely adopted, of course. The supply chain management niche for blockchain solutions is fiercely competitive right now, and time will tell whether or not Waltonchain has what it takes to succeed, although a strong community following and a series of high-profile partnerships in China indicate that many people have confidence in the project.
Token Performance and the Best Way to Buy Waltonchain (WTC)
WTC was first listed last November at just over $1.00, and skyrocketed to an all-time high of $42.46 USD in late January, 2018. Needless to say, if you had done your homework and invested early, you would have been a VERY happy camper. After the long and unpleasant correction which affected every cryptocurrency, WTC sits at around $4.50 at the time of this writing.
So, is WTC worth your money? The fact is that a blockchain solution for supply chains is sorely needed, and Waltonchain is considered one of the strongest contenders. We’ve recently noticed an uptick in purchases of WTC on the Faast network, which suggests a resurgence of interest in the project. With BTC finally breaking and holding above $7100, investors are starting to feel more confident again, and when Bitcoin starts doing well, the alts will follow. This could be a great time to get in on a project which is trying to solve a real world problem.
The great news is that with Faast, you can add WTC to your supported hardware or software wallet instantly without going through the tedious process of creating an account or trading multiple coins first.
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