BitSE: Transforming Supply Chain through Blockchain
capitalmarketsciooutlook

BitSE: Transforming Supply Chain through Blockchain

CIO VendorSunny Lu, Co-founder & COO
“We believe the impact of blockchain technology is not limited to the financial industry, but one that is comparable to the Internet technology, capable of changing the world once again,” begins Sunny Lu, Co-founder and COO, BitSE. Over the years, blockchain’s disruption in the supply chain industry has been significant. “The supply chain scenario has been influenced by a variety of infrastructure and services that have simplified the transfer of goods from one party to another. However, achieving seamless information flow coherence and timeliness of realization is a challenge.” Lu also believes that the major cost for any kind of collaboration around the world is ‘mutual trust.’ Blockchain is a breakthrough innovation, because it brings a new approach to collaboration. “BitSE, as a blockchain technology company, is committed to using this new technology to reduce the cost of trust in social collaboration and improve synergies, making the supply chain more efficient.”

BitSE’s cloud product management platform built on blockchain, VeChain, helps companies communicate through blockchain and breaks the silos while still maintaining privacy. BitSE aims at achieving three main objectives through VeChain. First, by creating unique IDs on blockchain, BitSE fosters transparency in the supply chain to solve issues related to counterfeit products. This is accomplished through tracking and tracing the merchandise and supervision. The second objective is establishing a connection between different IT systems that operate on the supply chain using APIs. “Our Blockchain-as-a- Service product is made up of different APIs responsible for managing various data and nodes on different clouds,” he elucidates.


BitSE is committed to reduce the cost of trust in social collaboration and improve synergies, making the supply chain more efficient


Lu says that current IT systems are kept separate from one another, creating a lack of trust among various entities. Thirdly, users can increase the efficiency of the supply chain by monitoring the flow of funds, information, and goods, and decentralizing the trust aspect of trade through the platform. “Currently, many processes still run on paper, requiring a high amount of trust in the system. BitSE plans to change this through its platform,” states Lu.

BitSE’s revolutionary VeChain has been a catalyst for boosting supply chain transparency for a myriad of companies. In one instance, BitSE worked with a Paris-based fashion and luxury company in digitalizing their leather goods to build connected luxury for clients. VeChain’s anti-counterfeiting platform applied a unique ID to products using an NFC chip. This cloud product management solution once integrated with blockchain, verified the authenticity of the product through its unique IDs. The chip holds a unique public and private key pair where the public key is stored in the blockchain and can be authenticated by the VeChain app. “The result is product safety and quality assurance that help drive consumer satisfaction,” explains Lu.

BitSE is set to launch VeChain Certified Program to expand the scalability of its VeChain platform. “The program will train various partners on blockchain and VeChain to empower them to make best use of the technology,” says Lu. BitSE is also developing a new platform with a more user-friendly interface and services. The company aims to enhance the VeChain platform to cater to several more industries and customers. “BitSE also hopes to contribute to the industry as a whole through its collaborative experience and perspective, to promote the development of blockchain technology,” he concludes.