On May 25, The Seam Chairman and CEO Mark Pryor, presented on cotton blockchain technology at the American Cotton Shippers Association (ACSA) annual convention. The ACSA is a respected trade association in the U.S. and abroad that represents the merchants of raw cotton.
The presentation broke down how the cotton blockchain will operate, explaining it as a transformative ecosystem that will soon unite the cotton supply chain from field to fabric. Blockchain technology offers a way to track transactions using a collective, secure digital ledger. The best thing about blockchain technology is that users are in complete control of their transactions, through the use of “smart contracts,” and trades are processed instantaneously.
“Information is usually exchanged between businesses with dissimilar software and re-keyed by parties in the critical path of development,” Pryor said. “This leads to discrepancies along the way, and costly reconciliation.
“With the cotton blockchain, we can now control the parties involved and protect it from the sight of others. This is a very efficient, trustworthy and secure process. With blockchain technology, we are helping to transform the cotton industry, which is something that we are incredibly proud to support.”
2017 marked the 93rd annual meeting of the ACSA. The convention brought together respected industry experts, who presented on various topics of interest to those in attendance. The ACSA handles more than 80 percent of the U.S. cotton sold in domestic and foreign markets. Membership within the ACSA includes promoting the increased use of cotton in the U.S. and abroad, as well as helping to establish other cotton trade organizations.
This year, the meeting took place at the Four Seasons in St. Louis, Missouri. The ACSA is a not-for-profit organization that relies on sponsorships to help cover the costs of the annual convention.
Watch Mark’s introduction video to the cotton blockchain here: https://vimeo.com/210033809/a8c8a56f49