Start-ups vision, to digitise supply chains
This week I heard about KoineArth... When I started, I thought I’d discover more about how blockchain will disrupt the mobility space as part of my megatrends research, but this start-up's vision is mind-blowing...
Founded by Praphul Chandra, KoineArth helps companies digitise their supply chains
by placing all players (banks, suppliers, partners) on a digital platform where they can communicate & collaborate, track orders, shipments, & invoices. Interestingly they use blockchain smart contracts to enforce agreements & decrease disputes.
It's already used by large organizations like Tezos, Amazon, Rakuten but what I find interesting is what they've been doing with MG.
MG are clearly one of the few companies that have understood that the automotive sector is going to be much more than just making cars, it’s going to be about new-age mobility.
The new Astor comes with KoineArth’s technology built in, providing a "car passport" that offers a cradle-to-grave history of the vehicle.
Sounds simple, but think about how great this is for auto-makers, insurance firms & customers.
A car is a complex machine, with components from multiple suppliers. If each of these parts are traceable in a ledger-like format using blockchain, there's increased accountability around defects. Product recall times would be significantly reduced, helping to avoid injury or even death.
Conscious consumers could check to see if materials used in the end-product are sustainable/ethically manufactured, e.g. if the lithium used in their EV batteries is from an ESG-compliant source & free of child labour.
Insurance premiums could be lower for those whose Passport data shows they don't drive recklessly.
This is digital representation, where multiple parties can both consume & push data as well as engage with the customer & loop in other service providers...and then there's the NFT (non-fungible tokens) component...
Yes, KoineArth helped MG become the first carmaker in India to launch its own NFTs - the idea being to focus on collectables, community & diversity, collaborative art & CaaP (Car-as-a-Platform).
People who buy the NFTs are fans/enthusiasts/potential customers. The proceeds are donated to MG Sewa, the carmakers’ Corporate Social Responsibility (CSR) initiative; artists are encouraged to submit MG fan art, which MG will later convert to NFTs and share revenue with the artist.
Tied-in with the NFTs, customers could then choose to proudly display a badge highlighting that they’re an ESG compliant car driver which closes the loop completely.
Suddenly the name KoineArth makes sense - it combines Koine (Greek "shared") and Arth (Sanskrit "meaning”)
There's this whole feeling of bringing the entire community together... and then I run out of words because...WOW. Just Wow.