For GS1 — the world’s leading business standards organization — it has become apparent that blockchain technology will shape the future and rewrite the rules for personal and corporate finance, medicine, supply chain transparency, identity verification, construction and more.
GS1 prepared a comprehensive position paper in which it describes how blockchain technology, the rise of industry ecosystems, and challenges in bringing industry together to begin the dialogue around governance, interoperability and future solutions, are intertwined. Following a successful presentation at GS1 Industry & Standards Events in Dublin this September, we were invited to collaborate. We are immensely proud that OriginTrail was given this opportunity.
We are happy to be in the company of other forward-thinking enterprises and organizations with actual experience of blockchain implementation who contributed to GS1’s position paper. Executives who offered their expertise for this paper included Frank Yiannas from Walmart, and those from Wegmans Food Markets and the Global Food Traceability Center.
Improving the flow of products, and enabling more sustainable and transparent supply chains, are critical goals for many organizations today. Increasingly, these organizations are evaluating blockchain technology due to its potential to transform business processes and deliver new capabilities for data sharing, visibility and trust.
Interoperability between systems was a top priority for OriginTrail when we were developing our protocol. In turn, we identified GS1 standards as the world’s most feasible solution for achieving compatibility between businesses around the world.
Žiga Drev, OriginTrail co-founder & COO, explained the following for the position paper:
“Implementing blockchain technology in an inter-organisational environment with legacy systems needs to be based on standards. GS1 standards are the best example of this needed common, global business language for collaboration. At OriginTrail, we exploit the relational nature of data beyond the “one step back, one step forward” approach to achieve visibility across the supply chain. GS1 standards help us share relevant and accurate data while blockchain technology provides accountability and additional integrity.”
In July, OriginTrail and GS1 Slovenia signed a letter of intent to cooperate in the field of business support using GS1 standards. We were later invited to present at the GS1’s annual Industry & Standards Event in Dublin. Cooperation on GS1’s strategic documents, such as this position paper, is an important continuation of this process. OriginTrail will also be a part of the upcoming GS1’s Regional Forum in Europe. More news will follow soon.
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