Jim Gitney, CEO of Group50, believes being able to verify both the complete chain of custody and a product’s provenance will have such a rocking impact on the supply chain economy that it will save trillions of dollars.

In this episode of the EmTech Cast, Gitney talks with Jim Hamilton, vice president of CompTIA’s member communities, about the efficiencies blockchain produces, how it can reduce corporate overhead and how blockchain technology protects against counterfeits, from milk to lettuce to Gucci bags. “I believe the disruption associated with verifications and counterfeiting will impact global GDP by 4 or 5 trillion dollars over the next few years,” Gitney said.

Using blockchain technology, you have an immutable ledger that can’t be changed, and that ledger is owned by many people. “Now I have a higher trust level that the product being sold is what it is described to be,” Gitney said. “Using blockchain I can scan a barcode to see the complete chain of custody. I know where that lettuce came from, what was done to it and, when I’m standing in the grocery store looking at a table of organic lettuce, I know that that lettuce is organic.”

Tune in to this episode to hear how MSPs, vendors and other players in the technology ecosystem can get a handle on blockchain and IoT, and use these emerging technologies to grow their own businesses.

For more on blockchain from Group50, watch this video: https://www.youtube.com/watch?v=-06HAFS68gQ&t=30s or visit the website, https://www.group50.com.

For blockchain and IoT consulting, visit https://www.group50.com/supply-chain-blockchain-consulting/ and https://www.group50.com/digital-supply-chain-technology-consulting-practice/internet-things-iot/, and to read more on the topic, see the Group50 blogs at https://www.group50.com/category/blockchain-iot/.