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Details
Date: Thursday, May 16, 2024
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Meeting link: https://zoom.us/my/hyperledger.community.backup?pwd=dkJKdHRlc3dNZEdKR1JYdW40R2pDUT09
Zoom Meeting ID: 622 333 6701 Passcode: 475869
Upcoming events
- May 16 Hyperledger Supply Chain & Trade Finance SIG - Alexander Style of Vinturas
- June 4-6: GS1 Connect * Thrive, Orlando, FL
- June 4-5: Freightwaves Future of Supply Chain, Atlanta, GA
- Sept 29-Oct. 2:CSCMP’s EDGE Supply Chain Conference & Exhibition, Nashville, TN
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Presentation
Alexander Style, Director of Business Development at Vinturas, will share how Vinturas is using Hyperledger Fabric in their interoperable network solution for end-to-end supply chain documentation in the finished vehicle industry.
Vinturas uses private blockchain technology to digitize the entire distribution process, from the supply of parts & components to final delivery to the customer. It creates more transparency for each trading partner in the entire supply chain. The involved trading parties share their information and data in a strictly secured environment in the cloud while keeping the ownership of the information and data. With this innovative interoperable end-to-end supply chain network solution, Vinturas has demonstrated that significant cost savings can be achieved throughout the entire value chain.
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VInturas was founded in 2019. The project started in 2017. They used Hyperledger from the beginning.
The founder has a strong technical and logistics background and understands blockchain with the technical know how to build this solution from the ground up.
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Venturas is an interoperable network digitizing and securing multimodal supply chains.
Why Use Venturas?
To address an important economic business challenge:
- There is a lack of interoperability and real-time supply chain traceability.
- Venturas offers an interoperable Network solution that connects all systems functionality including company internal systems and third parties and governmental systems
- The Venturas network connects commercial partner's information systems into a network of interoperability.
- Supply chain networks require the sharing of real-time data where data visibility is protected. The result is a harmonized blockchain network.
- Venturas is a “network solution” in contrast to a centralized database system solution.
Venturas is quite different than the traditional TMS and Visibility platforms. Venturas is not a platform – it is a network solution.
TMS is a visibility platform that pulls data in and provides the information and that visibility to one person(the paying client). All the parties in the supply chain(for example a trucker) do not get any benefit from better visibility resulting in manual processes needed to determine the state of the supply chain they are operating within. Only the paying client can observe the current state of the supply chain.
Visibility platforms have the negative characteristic of storing all data in a central database opening up the possibility that the data can be mined and sold. Under this architecture data privacy is an issue.
In contrast, the Venturas network is a decentralized network connecting the internal / external systems used in a supply chain. The data is not pulled through a centralized database rather it is accessed through point-to-point connections with security standard encryption. This decentralization enables all parties to view the data in real-time. Of key importance, your data remains only within your system. Only the data you wished to be shared can be seen by others. Venturas will construct networks across different cloud providers. Venturas does not have access to client data in the network.
Build out description: Setup in the program layer that sits on top of the network you can setup data sharing rules.
Why Venturas Chose Hyperledger Fabric
- Logistics data is a long chain of events.
- Involve a limited number of parties many of whom are competitors.
- Each event generally involves two or three parties.
- However, there is a large number of events.
- Allows for bi-lateral contracts and data confidentiality within the network.
- Module and scalable.
- Can create a data-sharing environment that allows confidentiality while still being verified and decentralized.
Hyperledger Fabric enables bi-lateral contracts to have scalability and avoid technical constraints such as lack of scalability and modular flexibility.
How does it look in reality
There is a central ledger. Each peer has only the visibility allowed by the Venturas client. Each node can host multiple peers within a single channel
Data security: using public/private key encryption. Public and private keys separate data visibility even within shared nodes. No sharing of keys is possible outside the network. Assets are encrypted with a public key. Can only see a transaction when holding the private key.
How Ventura Fixes Logistic Supply Chains
- All data associated with a supply chain is made available to the participants. Enables access of data for the planning of business operations. Note: data theft has been rising over recent years. These data can enable criminals to know the contents of a ship/truck and their current and planned location providing key information for theft.
- Reliable ETAs are of key importance for notifying commercial entities in the supply chain of real-time issues.
The Impact of Poor Data Sharing and Security
- Business Costs
- Not understanding the current state of a supply chain requires time spent on calls with frustrated partners and customers.
- Losing customer faith.
- Last minute discovery of issues increasing costs.
- Operations team in crisis mode.
- Financial Costs
- Trucks running half full loads.
- LSPs billing for waiting time.
- Unable to maximize ROI on land through capacity inefficiency.
- Increase in insurance costs related to theft.
How Venturas makes a difference
- Accurate Data
- Provides a single source of truth for all data. Venturas does not require a centralized database. The Venturas network enables supply chain partners to view all data in real-time from within their internal/external systems.
- All data are immutable due to timestamps.
- Real-time automatic updates for all parties in the value-supply-chain.
- Secure Data
- Data sharing is controlled by a rules based system in the Venturas network.
- Double encryption prevents hacks.
- Network effect means no data bottlenecks or single point of reliance.
Why Venturas Makes Sense
- It has been shown that installation of the Venturas network reduces between $3 and $10 per shipment. Considered an immediate ROI.
- Parallel System – no need to overhaul existing systems. The Venturas network solution works with existing applications and infrastructure.
- No extra resources required – only a single instance Rest API.
- Rapid implementation – Venturas has immediate resources available for implementation.
Attendees
- Alicia Noel
- Tom Klein
- Jeff Pribich
- Alexander Style
- Avanti Machado
- Steve Henley
- Gigo Joseph
- Akilah Kamaria
- David Odie
- Former user (Deleted)
- Sanda Ringsma
- Andrea Frosinini
- Tomaz Sedej
- Maria Munaro
- Whit Knapp
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