Issue link: https://maltatoday.uberflip.com/i/946236
maltatoday SUNDAY 25 FEBRUARY 2018 Business & Finance III Key problems of supply chains and how Ambrosus Blockchain addresses them The key problems in the sup- ply chain of many key indus- tries such as food, medicine and commodities revolve around the following basic questions: is the product real? How is quality assured? Where do the components come from? Oftentimes, due to lack of reliable data these ques- tions are addressed imper- fectly. This is why counterfeits abound, quality is unknown, and traceability is hard to as- sure. And these problems cre- ate significant problems for the industry: damaged brand im- age and lost revenues; health and safety hazards; quality assurance and compliance issues; lack of information and trust. Hundreds of billions of dollars are lost annually and the lives of millions of people are at risk. Honest producers, concerned consumers and governments have been working together on various solutions that could help them fix this problem, but the technology at hand was not adequate to provide a reli- able and cost-effective meas- ure to address these issues. However, the recent flourish- ing of the blockchain technol- ogy allows us to find solutions that were simply impossi- ble before, and Ambrosus pioneered the application of blockchain in the sup- ply chains domain. It is now redefining the very notion of a supply chain. Paving the way for progress Ambrosus is more than just technology; it is a global movement of enthusiasts and thought leaders combining skills in blockchain, micro- electronics, global trade and financial innovation supported by a wider community of cryp- tocurrency enthusiasts. Combining the top-down approach thanks to the world-class team of research- ers and engineers, and the bottom-up approach due to a rapidly-growing and support- ive community full of creative ideas, Ambrosus has grown into a full-blown ecosystem. The range of products within it includes: blockchain; distribut- ed applications; smart contract templates; protocols for sen- sors; immutable data storage solutions and ad-hoc hardware solutions. Tying it altogether is Amber (AMB), the cryptocurrency of Ambrosus that powers the ecosystem. Serving as the fuel for the network and as incentive means for creation of new solutions, Amber has become the building block for the decentralised economy of Ambrosus, encouraging developers, entrepreneurs and visionaries all over the world to propose and realise the boldest ideas to transform our planet for the better. Just to give a glimpse of the exciting things that Ambrosus is building: a Peer-to-Peer marketplace that permits purchase of products whose quality is tracked through the blockchain and payments are released only through confir- mation of satisfactory quality; a dedicated network AMB- NET that creates an enter- prise-grade blockchain for corporations in the food and pharma sector; consumer-ori- ented applications that permit individuals to get insights into the products they are buying and receive cryptocurrency and tokens as loyalty points; serialisation tools for inven- tory management via block- chain; smart-contract-based auditing tools for supply chains. Ambrosus currently runs a number of pilot projects with private companies and public institutions that help them ad- dress and resolve the current issues related to the supply chains. Existing public collaborators or supporters with Ambrosus activities include the United Nations, Swiss Federal Insti- tute of Technology, European Institute of Technology, Parity Technologies, Validity Labs, Enterprise Ethereum Alliance and a number of financial institutions and industry-spe- cialised organisations. Ambrosus is also proudly pushing the global education on the blockchain via dedicat- ed educational programs and hackathons. How you can join the movement Ambrosus is on the lookout for more corporate partners to test out and pilot its technol- ogy. It is in always-hiring mode for engineers, product owners, developers, communicators and business developers. It is open to new project proposals and collaboration offers. If you are excited about what they do and want to engage, contact them at info@ambrosus.com.