Blockchain technology can make a big impact on our society in many ways. Especially when it comes to supply chains, there is a lot of progress to be made. Ambrosus aims to do exactly that, as it plans to combine sensors, blockchain technology, and smart contracts to offer quality food and medicine.
What is Ambrosus Exactly?
Ambrosus is quite an intriguing project which envisions very different use cases for blockchain technology and smart contracts. It aims to transform global supply chains by creating a trusted ecosystem where entire product histories can be recorded in a transparent manner. Additionally, its chain will be capable of supporting commercial transactions without too many problems. In the long run, this should lead to autonomous supply chains and improve distribution processes.
How Will This be Achieved?
The Ambrosus ecosystem consists of many tools. First of all, there are the sensor systems, which generate valuable data on goods and shipments to be recorded and monetized on the blockchain. The blockchain will also be used to power direct deals between users, rather than having to rely on centralized intermediaries along the way.
The Ambrosus team aims to build a commodity exchange platform and a decentralized marketplace to introduce a new era of commerce. Their technology will need to be able to record vast amounts of data and ensure the integrity of this information. This is where smart contracts come into the picture to execute all of these tasks accordingly.
Last but not least, there are the developer tools. A project such as Ambrosus won’t get far without the right tools and applications being built for the ecosystem. Several modules will be offered to the community in the future which can be used to build extensions, dApps, and protocol upgrades. It is evident this project heavily relies on community involvement to shape a better future.
The Amber Token Explained
Ambrosus, like every other blockchain project, has a native token to add value to the network. In this case, that token goes by the name Amber. It is used to trace products throughout the value chain, as well as to access other network services in the future. Moreover, the Amber tokens interact with the proprietary sensor systems and can be used for commercialized smart contract-based ventures as well. It is worth mentioning that this token has been created with the help of Parity Technologies, a company most Ethereum users will be rather familiar with.
What Comes Next?
The Ambrosus project is a long-term initiative, and the developers will have their hands full until at least 2020 until all functionality is accessible. For now, an alpha version of the decentralized storage solution is available. Next month, the marketplace will go into beta, as well as the exchange platform and the product checker software. The first generation of sensor systems will come to market in June or early July, which is certainly something to look forward to.