Blocksyte, an early stage company focused on the mid-market supply chain, today announced the nationwide availability of its Version II SaaS-based blockchain application.“Blocksyte is open for business, helping mid-market food manufacturers, distributors, and retailers embrace the benefits of blockchain,” said Alan Pelz-Sharpe, Blocksyte CEO and co-founder, a nationally recognized expert on blockchain.“More importantly, the easy-to-use Blocksyte application, running on our proprietary enterprise-class technology platform, is designed to help our customers run their businesses more efficiently, reduce costs, and meet the demands of supply chain partners.”The company is initially focusing on the $1.4 trillion food industry, whose recent produce recalls underscore the problems of a fragmented and technically-outdated supply chain.With industry leaders like Wal-Mart pushing their suppliers to implement blockchain applications, mid-market companies require a cost-efficient option that they can easily integrate into their existing operations while earning a quick return on their investment.
Blocksyte is operating several successful pilots of its application with customers representing different parts of the supply chain.One of these, Haverhill, Massachusetts-based CF Cold Storage, operates a 107,000 square foot refrigerated warehouse, and has experienced a measurable increase in efficiency since deploying the Blocksyte application.“By choosing Blocksyte, we gained the ability to monitor our shipments in real-time,” said Costas Flessas, Founder and President of CF Cold Storage.“The result is that we spend less time each day manually tracking items, and have reduced losses and improved our delivery times.”The Blocksyte customer dashboard displays the current and historic location of products along their route, monitors the temperature and humidity of the products, and alerts the customer when a shipment veers off its route or is otherwise disturbed, helping the customer save time and money.The Blocksyte application provides an auditable, non-disputable record of every shipment, providing mid-market customers and their clients with chain of control assurance, enabling them to go paperless and still have a secure proof of delivery (POD).
Additional features of the Blocksyte application include the ability for customers to incorporate smart contracts and electronic invoices integrated to cloud-based accounting systems and enabled by blockchain, meaning the data entered is immutable and cannot be altered, an important factor when products change hands several times as part of the typical supply chain journey.This traceability can, for example, facilitate targeted product recalls instead of cumbersome national recalls, such as happened with romaine lettuce in November 2018.Blocksyte’s technology advancements are one of the reasons the company was recently named technology runner-up in the 2018 Flatley Challenge Tech Startup Competition, held annually to recognize startups and emerging businesses in the southern New Hampshire area, a hotbed for tech startups due to the area’s highly-educated workforce and business-friendly economic environment.Added Pelz-Sharpe, “being recognized in the Flatley Challenge is a positive reinforcement of Blocksyte’s capabilities and an important milestone as we look to grow and help more customers in 2019.”
