Oracle has joined with UCLCRT and MONOCHAIN to launch a Retail Blockchain Consortium (RBC) designed to advance the use of distributed ledger technologies within the Retail Industry. The challenges facing retailers include food safety/freshness, counterfeit goods, supply chain issues from logistics to manufacturing. Working groups within the consortium include organizations spread across the retail value chain from fashion designers & luxury brands to grocery stores and manufacturers. The consortium is presently open to all interested parties to apply for an invitation to be invited to join the group,
Membership in the Retail Blockchain Consortium (RBC) is complementary for the first year if you join by April 2019.
Benefits of membership include:
The advantages for blockchain to improve the value chain for the retail business are significant. By putting data and transactions on the digital ledger, the speed of transactions can be quicker, paper based processes can be eliminated, goods can be traced across diverse supply chains and finally fake goods can be filtered out and exposed as "non-authentic."
RBC is kicking off with two initial working groups. A grocery supply chain group will be on using blockchain for tracking of food sourcing, food freshness and inventory control. The fashion working group will focus on using blockchain technology to verify authentic fashion and luxury goods and to develop ethical sourcing and sustainable fashion solutions. For fashion brands, blockchain can provide tamper-resistant record-keeping of their garments via tags bearing a printed QR code to track all their info that can be stored on the digital ledger. In the UK, designer Martine Jarlgaard is using blockchain technology to authenticate the unique British Alpaca wool from sheep used to create knitwear and other garments. Innovative use cases like this to verify the authenticity of the materials used to create fashions are important to consumers when making their retail fashion choices-consumers want to know "who made my clothes" and what materials are used.
Working groups for Pharmaceutical Supply Chain and B2B Supply Chain are also currently underway.
If you are interested in working with the Retail Blockchain Consortium, please visit the RBC website to learn more. From Oracle, executives Antony Welfare & Peter Bambridge are founding partners in the Retail Blockchain Consortium.
To learn more about blockchain technology and how it may be able to help your business visit the Oracle Blockchain website.