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IN this week’s Crypto Corner, we explore data evolution. Maritime record-keeping once relied on physical ledgers tracking ships and cargo. In the 1990s, databases revolutionised this, offering portable, secure and efficient storage. Now, as the world demands transparency, we are entering another transition with the immutability of blockchain.
Blockchain isn’t just a financial tool; it’s an immutable ledger that locks data securely in a permissioned (private) or permissionless (public) ledger. This ensures transparency and reliability, far beyond anything which traditional databases offer.
Consider Jersey. Its ports depend on fuel for ferries and planes. Without it, freight stalls, halting essentials like groceries, a vulnerability exposed since the Coop closed its warehouse in mid-2015. This isn’t too dissimilar from having no data or data not secured sufficiently, as it stops the planes and boats. Data is fuel. It is money and if it does not flow freely, the Island will suffer.
The Covid-19 pandemic and the 2024 Supply Chain Resilience Review by Jersey’s Economic and International Affairs Scrutiny Panel underscored this. Key finding 17 notes ferry service rates use a volume discount structure, a standard practice, yet calls grow for public disclosure.
Blockchain could publish this data transparently on platforms such as an Open Gov website and ensure it is safe from human error.
Jersey faces global pressure for transparency. Immutable system solutions are critical. Blockchain offers:
Audit compliance: Data is locked, enabling easy, error-free audits.
Linked-up systems: Reducing the need for laborious, manual processes.
Supply-chain management: Tracking volume and flow keeps the Island operational.
Jersey’s supply-chain weaknesses, amplified by Brexit and Covid-19, demand robust solutions.
The 2024 review highlights infrastructure and contingency gaps, but blockchain could address these by ensuring transparent, tamper-proof records. It is imperative for resilience.
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