CarbonChain: Blockchain solutions for the diamond supply chain and beyond

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Innovate UK
Innovate UK
Innovate UK
Innovate UK
Innovate UK

£350,000

Dec. 1, 2018

May 31, 2019

"CarbonChain's project is to develop a blockchain platform with smart contract solutions that enable industrial resources companies to solve asset authentication and supply chain challenges.

Blockchain technology & smart contracts are increasingly being utilized in a wide array of industries to revolutionize their supply chains. Shipping company UPS is utilizing blockchain technology & smart contracts to increase transparency in their shipping supply chain. Food giants Nestle and Unilever use blockchain to increase visibility in tracking produce as it moves through the supply chain. Even the World Food Programme is using blockchain technology to improve food aid distribution efficiency to refugees across the globe.

However, companies in the industrial resources sector (mining, oil & gas, construction materials, etc) have yet to embrace blockchain technology on a large scale. Most of them have not changed their asset authentication and supply chain management procedures in decades. This is becoming a growing problem for them, as they are under increasing pressure from both government regulators and end-consumers to prove the origin and sourcing of their products. Examples include:

* Mining companies needing to demonstrate to customers that precious stones and metals have been mined in an ethical manner in compliance with all laws (i.e., blood diamonds or conflict stones)
* Construction material companies responding to increased customer demand for products that meet green building standards (i.e., BREEAM, LEED, Green Star)
* Pulp, paper and wood manufacturers ensuring raw materials are sourced from sustainably-managed forests (i.e. FSC Chain of Custody certification)

Given the increasing urgency of this problem, we have identified an opportunity for the industrial resources sector to utilise the game-changing technology of blockchain and smart contracts to innovate their supply chains:

* Improving visibility and quality of real-time information to increase the efficiency of auditing, monitoring and reporting
* Satisfying greater pressure to reduce transport time & bottlenecks and to streamline shipping processes as global shipping costs increase and margins shrink
* Creating transparency for supply chain participants to showcase their people, places, and processes behind the products

We believe that the practical application of blockchain technology & smart contracts can help industrial resources companies streamline the authentication of their assets and their supply chain processes, ultimately improving profitability and increasing transparency surrounding the provenance of assets for end-consumers."