Transparency has become increasingly important for supply chains as customers want to know where the goods they are purchasing actually come from. The supply chain journey of a product from manufacturer to consumer is often disjointed and inefficient which has resulted to a huge amount of interest in finding ways to increase the transparency of origin.
It is with this ideology in mind that Barclays has launched the Barclays Africa Supply Chain Challenge, the first of several initiatives being driven into Africa with the aims of sparking ideas to drive the digital evolution on the continent. Barclays Africa will be plugging start-ups, corporate and innovators who drive disruption as a response to the disruption of tradition financial services by new technologies, agile companies and innovative product.
To participate in the Barclays Africa Supply Chain Challenge, individuals will be required to visit thinkrise.com – a new digital platform for open innovation in Fintech, providing advanced resources and capabilities to connect, shape and scale. Entrants will be expected to propose a solution that creates more transparency between seller and buyer through the supply chain. Entrants are encouraged to use Blockchain, Distributed Ledger or any other technology that will do the job.
An example of an innovation that addresses supply chain transparency is a London-based startup called EverLedger, one that empowers financial institutions and consumers in tracking the movement of diamonds through the supply chain . The solution is a permanent ledger for diamond certification and related transaction history that simplifies verification for insurance companies, owners, claimants and law enforcement.
BlockChain technology being the most common measure companies have taken has substantial potential in creating transparency about the series of transactions that occur along any supply chain process.
The challenge open to individuals, teams and start-ups to apply between 24th July up to 18th September 2015. Participants from any industries including; food, water, mining and textiles. one participant from each of these groups will pitch to a panel of renowned experts in Cape Town, South Africa on 3 November 2015. The overall winner will be awarded a prize of $10,000.