Traceability – Where does it fit in the Resource Sector?
As a software development company who has worked specifically with various resource sectors over the past 25 years we are uniquely qualified to dive in to this topic.
Put your hand up if you’ve heard this before….. Guy walks into the bush….
In Canada, much of our landscape is remote and with that there is no network connections in many of these remote areas. Resource companies are not confined to populated areas where cellular connectivity exists. Transfer of information is the #1 challenge that our resource clients all face because of their remote working environments. It is no longer appropriate to hand in all your paperwork three months after a project is completed in a heap of chaos. Businesses are required to track many aspects of their operations from beginning to end such as: safety compliance, environmental impact studies along with other governmental regulatory requirements. If the data is not up to date and well documented they can miss out on millions of dollars in contracts for their lack of compliance and transparency.
At CorTek, we do not believe that the blockchain in its entirety is “the” solution for these companies but rather certain aspects of a distributed ledger system can be very useful in a variety of ways.
Offline-First Mobile... not an after thought...
The challenge with traditional blockchain is in a nutshell, its SIZE. Realistically, a mobile device will never, and absolutely should never, have the entire blockchain saved on its system. That is not logical or needed.
Why would an industrial resource company need every transaction, ever created, since the dawn of blockchain, that are completely unrelated to their operations? – They don’t!
The current platform for running bitcoin is an army of high powered servers, each running multiple fully installed development environments (usually inside docker containers) with dozens of expensive video cards for memory. Most (80%) of these “mining farms” are located in 6 sites in questionable countries. Each wastes a huge amount of electricity and stores a redundant copy of the entire chain and all its history.
Note that nobody has yet to figure out how to run even a partial node on a mobile device, which is why almost zero companies even talk about mobile.
At CorTek, we have embraced progressive web apps (PWA) for the ability to access device features such as GPS and camera like a native app, but more for the offline first and ability to dynamically manage the cache and versioning by role. This is critical to make the code reusable across multiple roles in an application. Our “traceability as a service” product is what distributed ledger technology needs to be widely adopted, and actually help businesses to continuously improve.
Immutability & Compliance
Now more than ever, it is critical for companies to track their environmental impact. As technology has advanced so much over the last decade, the expectations have increased and the onus is on each and every resource company, government agency or group to do it’s part in managing the data associated with these studies.
Often these compliance processes are handled with emails and spreadsheets, without a traceable repository to hold evidence. This limits the transparency in compliance, which puts the resource companies at risk during audits. Having a traceable, immutable transfer of information, using a DLT – like system, is critical in improving the overall process on how we manage the impact on our environment, government regulatory requirements & safety compliance.
To be competitive in today’s marketplace, businesses need to have a competitive advantage. Utilizing certain aspects of distributed ledger technology will lead to companies raising the bar when it comes to compliance, impact studies and various regulatory requirements.
Implementing a technology such as the CorTek TAAS Bot optimizes business processes by creating a bi-directional interaction that becomes immutable in the distributed ledger chain. This allows for continuous process improvement and constant evolution of business performance.
Our team at CorTek, boasts over 70 years of experience between them. We have an incredible amount of accumulated experience in programming structures, economic development, professional project management, dev ops and business development.
If you would like more information or to discuss how our Traceability as a Service Platform could benefit your business, shoot us a message today and we will get back to you within 48 hours.