Cisco Blockchain Group

A technology powerhouse is upgrading and getting involved in newer technology. Yeah, Cisco is thinking maybe they should consider bitcoin’s underlying technology for some innovation. Come on Cisco, you ARE a tech leader, right?

Supply chain technology may get a huge improvement by utilizing bitcoin’s blockchain technology in the years ahead. Cisco is joining a new consortium to explore more efficient ways to track physical objects during manufacturing. Later, the same technology can be used to identify the source of problems if manufactured components fail. Cisco will join Bosch, Foxconn, Bank of New York Mellon and number of other firms in putting their collective ‘genius’ to new applications. Innovation is alive and well. (Bill Taylor/CEO)

“…Late last week, San Jose-based Cisco said it was joining a new consortium exploring how to use blockchain to improve how physical objects are tracked during manufacturing, and later, tracking the source of problems if and when they fail, Reuters reports.

Blockchain is a public accounting system integral to cryptocurrencies like bitcoin. Transactions are made public and are instantly recorded on a distributed network of databases, reducing the risk of fraud.

The consortium Cisco is working with wants to develop a protocol that would assign unique identifiers to raw materials, components and finished goods and publicly record when and where those things change hands. The goal, the group says, is to cut down on counterfeit goods, more quickly identify and recall defective products and trace tampered components back to individual suppliers….”

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