| | December 20189CIOReviewThe digital wallet not only makes it easier for SIA customers to use miles in their loyalty account, it allows SIA to onboard new partners and reconcile payments using blockchain technology. Because the blockchain system time-stamps every customer transaction in real-time, payments are easily reconciled, saving significant labor costs compared to its previous system. An additional example is the use of blockchain technology in viticulture supply chain management. Pooley Wines in Tasmania, which produces premium wines, collects data points related to soil, climate, and temperature, among others, and stores them in a blockchain. The cloud-based and tamper proof system helps Pooley Wines remain compliant with food safety expectations, their consumers understand how their wine was created, recreate the legacy products customers appreciate and even determine how vineyard resources are allocated. Overall, blockchain protects the integrity of their data and reinforces their commitment to quality.Here are a few additional cases, among many others, now emerging from proof of concept to production: · Tracing the path of aerospace parts. The manufacturing of goods involves a complex journey as parts are created, shipped, imported and exported across multiple international sites. By enabling near real-time visibility into parts location and status, manufacturers are increasing efficiency and transparency throughout the end-to-end process ­ with the added benefit of optimizing tax payments and inventory management. · Streamliningdevice lifecycle management.One technology company has already generated more than $2 million in cost savings associated with blockchain-driven process enhancements, including asset tracking and management throughout product lifecycles that ultimately leads to recycling credits. For global enterprises with thousands of devices such as iPhones or laptops to manage, for example, blockchain can help significantly reduce time and costs associated with tracking these devices.· Tracking the drugsupply chain. Pharmaceutical manufacturers today are considering blockchain to help identify and trace certain prescription drugs as they are distributed in the United States. In doing so, it will help them more easily comply with the U.S. FDA Drug Supply Chain Security Act ­ designed to deter counterfeiting and optimize recalls -- when the lawtakes effect in two parts ­ 2019 and 2023.These examples are proof that blockchain is much more than the next shiny new tech toy ­businesses are unlocking real value, transparency, and efficiency today. The possibilities are vast,with organizationsalready exploring how blockchain can be applied to streamline tax methodologies associated with moving goods throughout and between companies ­ bringing new light to an error-prone and time-consuming process. And this is only the beginning. We expect to see rapid development of new real-world blockchain systems in the near term, as business leaders continue to evaluate how this emerging technology can augment current processes across their enterprise. Successfully implementing blockchain requires an integrated, business-focused approach­ one that starts with understanding a challenge, carefully prioritizing value-based use cases and configuring cloud-based tools, while leveraging the most impactful approach to drive and deliver on the promise of trusted commerce. Blockchain protects the integrity of their data and reinforces their commitment to quality
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