Zeto ICO details
Start Date: 2018-9-3
End date: 2018-9-28
- Site: Zeto site
- Twitter: https://twitter.com/zetochain
- Facebook: https://www.facebook.com/zetochain
- Github: https://github.com/Zeto-Ltd
- Reddit: https://www.reddit.com/r/ZetoChain/
- Bitcointalk: https://bitcointalk.org/index.php?topic=3219785
- Medium: https://medium.com/zetochain
- Telegram: https://t.me/zetochain
Zeto – Accelerating blockchain for the supply chain
Today’s supply chain is an unwieldy mass of links and players. Globalization means the connection points are spread further apart than ever before, and digitization has seen supply chain data proliferate hugely. In this complex, data heavy environment, lack of transparency and data integrity reign, and we’re seeing growing inefficiencies and wastage, as well as increasingly regular instances of food recalls and the development of a counterfeit drugs market.
Solving the problems with today’s supply chain requires a streamlined, efficient system with trust at its heart. Blockchain technology has emerged as a disruptive technology that has the ability to transform the supply chain as we know it. Due to its decentralized nature, blockchain delivers transparency and trust by default. And as the technology becomes more embedded and understood, the development of dedicated supply chain applications will transform and invigorate the fragmented and unreliable supply chain.
However, despite the promise that blockchain holds for the evolution of the supply chain, the technology itself is still in its relative infancy, particularly in the supply chain space. And there exists barriers to its mainstream adoption that need to be addressed if the technology is to gain a foothold in the supply chain market. There is a critical shortage of blockchain skills; many organizations lack in-house blockchain expertise and the cost of recruiting freelance experts is prohibitive. The technology itself is not well understood and there have been confusing messages about its potential. There are also existing technical limitations which make scaling any solution complex and challenging, and due to its relative newness, there is a distinct lack of dedicated standards and policy frameworks.
With its focus on an open, scalable ecosystem built on blockchain technology, the experienced team at Zeto will address these challenges. Zetochain will become the world’s first open-standards blockchain platform for the supply chain. The platform will accelerate the adoption of blockchain by enabling developers without blockchain coding expertise to rapidly blockchain-enable any supply chain data, and legacy hardware and software can quickly and seamlessly by integrated into the Zetochain platform.
By empowering developers, the Zeto team aims to create a vibrant and dynamic Zetochain community that facilitates the rapid adoption of blockchain technology, and enables the technology to fulfil its obvious potential to transform the supply chain.
The problem with today’s supply chain
Increased complexity leads to delays and inefficiencies
As a result of globalization today’s supply chain has become fragmented, complex and unwieldy. An ever increasing population has led to rocketing demand for food and medicines, while rising operational costs have led to retailers and manufacturers expanding their search for suppliers to all corners of the globe. What we’re seeing is a dramatically inflated supply chain that’s creaking under the pressure; the average supply chain is now dealing with 50 times more data today than just five years ago. With so much data, processes and players, inefficiencies and delays have become a standard part of the supply chain.
Shipping avocados from Mombasa in Kenya to the port of Rotterdam in the Netherlands can take as long as 34 days, 14 of those days are taken up by port authorities waiting for shipping information and government approval. Michael White, CEO of the Maersk and IBM joint venture deploying a blockchain-based electronic shipping system, cited one avocado shipment that involved 30 port and government officials, and 200 pieces of communications being shared between 100 people.
In the Port of Brisbane in Australia approximately 15% of all data in individual import transactions are duplicated almost 30 times. This duplication of effort creates operational inefficiencies and has a dramatic impact on accurate record keeping, leading to significant costs of as much as $450 per shipping container.
Multi-layered chain leads to lack of clarity and trust
The multi-layered supply chain comprizing countless links and players has led to a blurring of the connection between each link. Transparency has been eroded as extra layers, processes and players join the chain. This in turn has created a lack of trust between suppliers and retailers as well as a breakdown in accurate data.
According to a report by Tulane University in the US, an overwhelming majority (90%) of the 1,262 companies that filed conflict-mineral reports with US security regulators in 2014 said they couldn’t verify whether their products were in fact conflict free.
Operational errors within the chain a key factor in soaring food recalls
Food recalls are rising by 25% a year at an average cost to retailers of $10 million. While biological causes – Listeria, Salmonella and E-coli – are factors, more than half of recalls (56%) are as a result of operational mistakes including incorrect labelling, the presence of an undeclared ingredient or contamination during the production process. “This highlights the need for food producers to invest in ensuring the traceability of their products back through the supply chain,” says Dr. Antony Potter at Queen’s Centre for Assured and Traceable Foods.
How blockchain solves supply chain problems
Whilst blockchain’s origins lies in the financial sector, the attention of developers has now largely turned to blockchain’s potential to radically transform other industries such as the supply chain; players including Cisco has halted research into developing blockchain applications for financial services and are now setting their sights on developing supply chain management applications for the blockchain. This represents a fascinating shift in the evolution of the blockchain and cements its potential in solving the supply chain challenges.
And Cisco is not alone in identifying the supply chain as a key use case for blockchain, 63% of respondents to a recent SAP survey said they consider the supply chain to be the most promising use case for blockchain
How blockchain is primed for supply chain disruption
Blockchain’s unique characteristics – transparent, trustworthy and secure – make it a natural fit for the evolution of the supply chain. As a shared ledger, blockchain stores all records of transactions, making them accessible to all parties in the blockchain, while its distributed state solidifies its security.
Unlike the one-way information flows that are typical between buyer, supplier and logistics, the blockchain’s shared ledger becomes a single version of the truth, letting all parties view information and events in the chain in chronological order thus reinforcing transparency and minimizing the potential for tampering with the data.
IBM is bullish about the blockchain, saying it “will do for transactions what the internet did for information.” In a paper called “The Benefits of Blockchain to Supply Chain Networks” IBM illustrates the advantages of the blockchain: “The digital shared ledger is updated and validated with each transaction, resulting in a secure, permanently recorded exchange. The result is faster, permissioned and auditable B2B interactions between parties such as buyers, sellers and logistics providers.”
This is reiterated and expanded upon by Stewart Bond, Director of Data Integration Software at IDC who highlights the shared single source of truth ideal that makes blockchain so unique: “One of the key benefits of blockchain technologies is in the immutability of the data in the chain. If the genesis block was created with trustworthy data, and each additional transaction is validated by network consensus, then in theory the current state of the chain can be trusted….establishing a high level of data integrity, thereby making data trusted, available, secure, and compliant for everyone connected to the blockchain network.”
Ultimately, within the supply chain sector, blockchain has the potential to guarantee end-to-end security, trust and proof of provenance. And the technology has the ability to revitalize existing trusted integration technologies like EDI, as well as providing the facility to incorporate data flows from newer supply chain technologies such as IoT sensors.
Supply chain efficiency via blockchain is an unrealized multibillion dollar opportunity
- Zetochain dramatically accelerates blockchain adoption for software and hardware companies, even for legacy systems. Developers require no special skills or previous coding experience
- Zetochain is the world’s first open-standards blockchain to put developers first, from concept to delivery
- Zetochain is supported by a seasoned leadership team, with aq proven IoT track record, an existing multinational customer base, and a growing number of strategic partnerships