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How blockchain technology can help traceability

Max Boender, CEO of Myneral Labs, explains how blockchain can help companies become more transparent

In today’s post, we want to highlight how one of the world’s most secure and encrypted technologies can boost business transparency.

We’re talking about Blockchain technology and Myneral Labs, a UK-based startup that has launched an innovative hardware product with embedded s

oftware designed to track physical items along the entire value chain.

What is traceability for? Is it important only for consumers or also for companies? Which sectors can implement it? And what is so crucial about Myneral’s technology in all this? Keep on reading and let us tell you!

Two stories and one technology

In Ghana, there’s a collective of women hailing from various parts of Africa, like Togo, Benin, Burkina Faso, and Mali. They gather Shea nuts, crucial for making Shea butter, and transport them to the production plant. With MynOne technology, they can track the nut quantity and identify contributors to the butter-making process. This transparency allows them to sell their product at a premium compared to market rates set by large corporations. By being transparent and traceable, every link in the value chain can earn more, as it demonstrates the direct involvement of these individuals in creating the product.

Thousands of kilometers away, in mines in northern Sweden, Boliden extracts metals for manufacturing original equipment, from robots to programmable logic controllers and motors. A few years back, Boliden electrified much of its process, swapping diesel trucks for electric ones. This move drastically reduced the metals’ carbon footprint compared to the global average. However, they need to showcase this to the world. Myneral Labs steps in to demonstrate this. Using their technology, they track the metal from mine to motor production, proving the lower carbon content and ethical sourcing of the metal used in their motors.

“Empowering Consumer Trust: The Rise of Traceability in Market Dynamics”

Market trends are shifting, and both the Ghanaian women’s collective and Boliden illustrate how traceability boosts consumer trust by offering transparency into the production process. Customers increasingly demand information about a product’s origins, manufacturing process, and adherence to ethical and environmental standards.

Yet, traceability also aids companies in detecting supply chain quality issues, meeting regulations by providing necessary documentation, and managing risks associated with sourcing and transportation. This necessity spans sectors, from manufacturing to fashion and automotive.

This is a natural outcome of years of criticism toward large corporations using offshore practices to sidestep environmental regulations and neglect human rights. “Consider a pair of shoes. A $10 pair implies unfair labor practices, unlike a $100 one where you can trace everything,” exemplifies Max Boender, CEO of Myneral Labs.

As a consequence, some of the laws that are coming into, for example, the European Union, but also into South and North America, require businesses to disclose some of this information.

About Myneral Labs

While tracking solutions exist, Myneral Labs’ technology is quite unique. This is because many supply chain management systems still demand high-quality information upfront, like purchase orders or financial data. “But they never truly track where physical materials are,” explains Max. Thus, the real-time information they acquire doesn’t wait for the product’s completion or the creation of a certificate at the process’s end.

The future of Blockchain in Industry 4.0

Myneral Labs is one of the finalists in our 2024 acceleration program and is now commercializing their hardware called MynOne. This device allows them to remotely gather information and secure it on the Blockchain, ensuring safe capture. “Thanks to our participation in S2X, we’ve recognized the quality of information we extract, process, and communicate, which has bolstered our competitiveness,” admits Boender.

At S2Xpeed, we believe transparency should be paramount for companies, and blockchain technology in Industry 4.0 could facilitate this. If you’re interested in how industrial technology can make a positive impact, stay tuned for our upcoming posts!

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