BDP International and Chain.io announced that BDP will participate as a launch partner in Vault by Chain.io. The service will act as a compliance blockchain solution for logistics service providers and their customers.
Vault is a secure, blockchain-backed digital locker for critical supply chain compliance records.
“Most of the world’s commerce is managed by text-based electronic documents like EDI and XML or scanned images,” Brian Glick, CEO of Chain.io says. “Unfortunately, those records are all highly susceptible to manipulation after the fact and are an auditor’s nightmare. Vault by Chain.io solves this problem by providing a permanent, timestamped fingerprint derived from the data itself. If a single letter in a document or pixel in an image is changed, then the fingerprint is immediately invalid. Adding the Ethereum blockchain to this equation prevents manipulation of the fingerprint itself.”
Vault will store archive-grade, encrypted records within the Chain.io Cloud Execution Platform while publishing an unchangeable fingerprint on the public Ethereum blockchain. By publishing the fingerprint on the blockain, Vault will ensure the integrity of what is stored remains intact. Any changed that is attempted is recorded and then labeled as invalid. The software will also be able to store critical compliance information including: sourcing records, environmental chain of custody information, tariff classification support, vendor security audits, general commercial documents and more.
“Seeing blockchain solutions come to fruition with immediate, real-world use cases is a watershed moment for technological progress, and — as Vault demonstrates — is having an immediate and powerful influence on our industry practices,” Brian Kautz, BDP’s chief information officer says. “These solutions are here today, and the onus is on us to provide our customers access to these impactful product offerings.”
BDP customers can begin implementing these blockchain solutions in the coming months.