Industries Solution: Infrastructure

Sectors: Industrial IoT, Supply Chain, Construction, Architecture & building, Real estate, Energy management.

Industry Approximate Annual Revenue: 5,000,000,000,000 USD (5 Trillion USD)

Let’s take Supply Chain for example:

- Benefits of Blockchain in Supply Chain

· Trust: Members of the supply chain can rely on the data they see on the blockchain since it is decentralized and irreversible. In contrast, a traditional supply chain data storage structure often requires all supply chain members to retain their own records, resulting in conflicts when the records do not match.

· Efficiency: Because all data is recorded at every step in the supply chain, and every member of the supply chain has access to it, it is simple to determine where in the supply chain a nonconformance (e.g., a product defect or missing product quantity) occurred, because the product's life cycle is tracked at every step. Consider the building of a refrigerator, for example. In a traditional supply chain, if a refrigerator manufacturer discovers that a finished refrigerator's compressor contains a defective valve, the refrigerator manufacturer will need to contact the compressor manufacturer, who will need to contact the manufacturer of compressor components, and so on, up the supply chain tiers until the supplier of the defective valve is found. If all members of the refrigerator supply chain were members of the same blockchain network, the refrigerator maker could query the blockchain almost instantly to uncover the whole tracing history of the problematic valve, significantly reducing inquiry time. Using blockchain technology saves time spent writing emails and making phone calls to figure out why something isn't working. Physical paperwork is also mostly obsolete because records are saved on a common ledger.

· Transparency: Because every data on the blockchain is automatically recorded with a time stamp, including data that would not be recorded in a typical supply chain system (such as the steps completed in a production process or the moment a seller receives a purchase order), blockchain promotes transparency. End-to-end tracking (i.e., traceability from one end of the supply chain to the other) enabled by blockchain technology also offers transparency, which can be enjoyed by all supply chain members on the blockchain. Traditional supply chain methods can take longer to resolve conflicts than blockchain transparency can.

- Risks that Blockchain and Supply Chain Face

· Permissioned Blockchains: Because supply chain data can be sensitive, a permissioned blockchain (one that isn't open to the general public) is usually preferred. A permissioned system, on the other hand, is less secure since the blockchain is made up of fewer nodes, and those nodes are often known to each other, making it simpler to collude to modify a block.

· The Human Element: While knowing that the data on the blockchain cannot be modified once it is created is extremely valuable, there is still the possibility of human mistake or purposeful wrongdoing when entering the first data onto the blockchain. As a result, blockchain data isn't always reliable; it might be inaccurate or even fraudulent. For example, a bad actor may fill a container with pebbles and claim that the container was full with auto parts on the blockchain. Blockchain technology may make it simpler to determine where in the supply chain the container was filled with rocks, but it will not prevent the bogus data from ever reaching the blockchain. In essence, blockchain technology does not prohibit inaccurate data from being placed into the chain; rather, it allows every user on the blockchain to verify that the data on the chain has not changed since a given point in time. Due to the immutability of blockchain technology, false data injected onto the chain is an issue.

· Scaling: Because transactions must be verified on several computers or servers, blockchain systems take far longer to execute transactions than traditional databases. Furthermore, because of the huge amount of transactions in the supply chain, the permissionless component of a blockchain solution might be expensive, since transaction fees would be required to support the labor performed by the miner nodes to construct the blocks. Given that certain supply chains process millions of transactions each day, the technique through which blockchain technology is deployed must be carefully considered with scalability in mind.

· Upfront Costs: The initial costs of deploying a blockchain technology might be significant. Hiring blockchain developers comes at a price, since they are more expensive than standard developers owing to their particular field of expertise. Costs of planning, licensing, and upkeep may all add up to a heavy price tag.

Wayvy's Protocol allows Supply Chain and other Infrastructure businesses to join a Permissioned or Hybrid Ledger without sacrificing system integrity or security, allowing the ecosystem to remain intact while utilizing the Proof-of-Wave method (PoWa).

There's also the question of whether supply chain management should be done using public (permissionless) or private (permissioned) blockchains. The information held on the major permissionless blockchains is public, making them safer since they are more decentralized. Companies who may not wish to disclose all of their supply chain information with rivals, regulators, or clients may face privacy difficulties as a result of this. As a result, it's no surprise that the majority of supply chain pilots use private, permissioned blockchains.