This week I had the opportunity to take part in the GS1 Healthcare Conference in Paris together with BSI’s Global Director for Healthcare, Courtney Soulsby. As usual, GS1 event brought together a lot of people and organizations looking for innovative approaches to solving the industry’s biggest challenges. Speaking with some of the largest players in the space, a few recurring themes were present across the majority of our conversations that showcased how Web3 assets can play a key role in addressing them.
While today the Web3 industry might be appearing in the news for a plethora of reasons, I’m certain that the true and biggest opportunities are being seized by those focusing on education and building tangible value. By understanding how we can leverage this technology, we can address some of humanity’s biggest challenges, like those present in the industry that comprises ⅔ of the world’s GDP — supply chains. Here are 3 pain points that were mentioned often in our conversations in Paris and can very effectively be addressed using Web3 technology:
- Access to information — actionable knowledge derived from information that is currently scattered across supply chain networks can unlock possibilities of precise alignment of supply and demand; quality/origin claims backed by verifiable data; forward tracking to minimize diversions and gray market sales; and many other high-impact solutions.
- Digital twins — creating a Web3 asset representation of a physical product, digital certificate/credential, or even a service — is a game changer. Not only are you able to have a much more precise understanding of asset ownership (chain of custody), but you have a single place to access key information about each product. This can be useful in ensuring product authenticity (counterfeit medicine is a huge problem), precise patient support during complex treatments and pin-pointing critical items in the unfortunate event of recalls.
- Expanding the supply chain — no supply chain today ends at the point of sale but rather extends to the consumer, and in the event of circular approaches, can even end up back at the producer. In healthcare, the element of extending the supply chain towards patients is more and more critical. Receiving real-time information about the correct effects of the medicine and medical devices can not only hugely increase the speed of innovation but also save lives. However, a big challenge of handling patient data and providing direct incentives for data sharing exists, both of which Web3 assets can be the right solution for.
The discussions we had also came as a great validation for solutions we’re building at Trace Labs. With the new OriginTrail — decentralized knowledge graph version 6 (DKG V6) — enabling us to describe any supply chain using Web3 assets as building blocks we can tackle all these huge challenges head-on.
Before signing off — Trace Labs is also releasing a big update to our Network Operating System (nOS) allowing us to address challenges like those above with efficient deployments. Having it entirely transformed to fully exploit the new and more efficient DKG V6, the nOS now allows any user to evolve the data structured according to GS1 and other important data standards into Web3 assets that can be made discoverable (available) and verifiable for plethora of business cases (some solutions built on top of the nOS can be seen here). The nOS also abstracts all complexities with regards to digital assets required to use the public decentralized infrastructure, so all you have to focus on is creating value for your business.
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P.S.: The croissants in Paris were amazing, too.
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