For session 5 of the Bitcoin Masterclasses, which happened in May 2023 in London, the workshop led by Dr Craig S Wright (Technical Advisor, nChain) discussed real-time stock monitoring and the tracking of goods.
The workshop addressed various problems that companies encounter in real-time stock monitoring and goods tracking. Participants explored various solutions in different industries and learned more about how blockchain and tokenisation can solve potential issues in these industries.
Stock monitoring – a basic task with many problems across many industries
Dr Craig S Wright started the discussion off by exploring various items considered as stock, ranging from long-life products such as wine to quickly perishable foods like oysters. They touch upon the importance of monitoring stock levels and reorder processes, emphasising the need for real-time updates to manage inventory efficiently. Other examples discussed were supermarkets and airlines.
Wright illustrated how even small instances of fraud or waste can significantly affect a company’s bottom line, citing a personal experience with fraud detection in a paint company. Better tracking systems could alleviate such issues and also lead to improved profitability and management of capital goods, as it helps to identify discrepancies and potential issues.
Tokenisation and blockchain as a solution in stock monitoring and tracking
As the workshop primarily discussed business use cases in the context of the BSV blockchain, Dr. Craig Wright suggested blockchain as a solution. He stressed the importance of ledger updates and proposes incorporating features like depreciation into tokenised assets for better tracking and valuation.
He advocated for an open exchange model where data can be shared and utilised across different applications, fostering competition and innovation in the market. Wright concluded by stressing the importance of creating user-friendly systems that provide alerts and insights without requiring complex technical knowledge, ultimately enhancing efficiency and productivity in various industries.
Brainstorming session – exploring use-cases
Dr Craig Wright leads a brainstorming session where participants propose solutions for improving monitoring and tracing of goods across various industries. Here is a short summary of the ideas that the workshop participants came up with:
1) Restaurant Inventory Management System:
● Automatically track food levels in restaurants to prevent shortages.
● Utilise a shopping list-based ordering system for efficient restocking.
● Focus on transparency and integration to optimise operations.
2) Cost-Effective Travelling Application:
● Develop an app for travellers to connect with potential drivers for cost-effective journeys.
● Enable drivers to issue tokens on the blockchain for transparent trip offers.
● Facilitate multi-leg journeys to minimise travel costs for users.
3) Efficient Supply Chain for Beer Production:
● Implement a comprehensive system to synchronise production, sales, and consumption of goods.
● Use blockchain and tokens to improve traceability and reduce wastage in the beer industry.
4) Textiles Industry Supply Chain Transparency:
● Enable stakeholders to access a decentralised database for real-time monitoring of goods movement.
● Utilise RFID chips and QR codes to ensure accurate inventory records and prevent fraud.
● Improve product traceability to meet consumer demand for transparency.
5) Hospital Inventory Management System:
● Implement a just-in-time system for hospitals to optimise stock levels and space utilisation.
● Utilise real-time monitoring of demand and supply with sensors and decentralised databases.
● Consider monitoring doctor availability to ensure timely response to urgent requests.
6) Enhanced Supply Chain Collaboration:
● Enable real-time data sharing among different suppliers and manufacturers using open blockchain.
● Implement permissioned systems on top of blockchain for secure data access.
● Enhance transparency and efficiency in supply chain operations while protecting privacy.
To conclude the session, Dr Wright discussed some specific issues and problems, including supply bottlenecks for specialised technology such as chips and how companies with outdated software can easily make the transition to blockchain-based software.
