Blockchain – a term often attached to crypto currency and shrouded in digi-tech mystery – has become quite a buzzword over the last few years.
Blockchain is fundamentally going to change the way we do things. At its heart, it is all about providing transparent proof of work that is verified and tamper-proof across activities that require input from multiple sources.
Fledgling startup deoblockchain, is utilising blockchain’s unique traits to bring greater transparency and accountability to the supply chain industry.
For anyone unfamiliar with the blockchain framework, it relies on a series of independent ‘nodes’ to sign off and verify any piece of information. These nodes sit at different sites and are all cryptographically secure – data/transaction records must be ‘approved’ by all nodes before they are accepted as legitimate and added to the record. The approved information then becomes a ‘block’ in the chain and known as the ledger.
Having data signed off at multiple points from independent sources creates both an unhackable and incorruptible record of information. Meaning no one can alter any existing piece of information in the chain - you can only add information as the next block of data.
These capabilities make blockchain a great fit for financial transactions. deoblockchain want to apply the same technology to the world of supply chain, allowing industry confidence and trust in the delivery of goods.
Founders Shaj and Paul saw an opportunity to combine their extensive supply chain experience and problem solving skills with this emerging technology to alleviate some of the major pain-points and save the entire industry its most sought after commodities… time, cost and reliability.
Having Eastern Innovation (EI) in Mulgrave as their base has proved invaluable for the startup, allowing them to learn from and be inspired by other businesses within the Monash community, and to make connections with potential new clients and collaborators. They love the energy and sense of community at EI.
Paul is originally from the Monash area and was quick to realise the opportunities to engage with other entities within the wider Monash ecosystem. Mentoring, advice and the opportunity to bounce ideas off of other innovative, established businesses within the City Of Monash has been a huge advantage.
So, whether you’re in the supply chain game – or just interested in the quickly evolving blockchain space – deoblockchain is an outfit to watch.