Probably you are already familiar with the the Blockchain concept. It is like a Digital Big Bookkeeping in which the information is distributed and safely stored in many places instead of in a single bookkeeper. These places are databases that offer the guarantee that the information is always true using the Blockchain algorithms. Using Blockchain for record and track transactions can be useful in many ways, one of the most interesting is the traceability of products, like food. This can revolutionize the food supply chain and this is precisely the idea of initiatives like Provenance.
Provenance defines itself like a “platform that empowers brands to take steps toward greater transparency by tracing the origins and history of products”. They use blockchain, for example in a pilot about tracking tuna from Indonesia with a traceability tool: a great idea, don’t you think? This pilot was developed from january to june this year, tracking yellowfin and tuna fish from fisherman to export stage. And at the end of the chain, consumers have access to all the information about the product: from the data of the tuna catches to the conversion in factories in tuna cans. The quality, the ethic, the day of the catches … this is the revolution, the access to the all the information in the chain and the guarantee that always this information is true.
Actual players in distribution, like Walmart, are taking positions working in programs to track food and put chinese pork on a blockchain. Thinking for a moment about that: you can see all the steps of a product chain until it arrives in your hands. You can also check the authenticity of it, if you want ( including second hand products!) Is it the end of fake products thanks to blockchain? Can brands protect their creations from fraud? The global trade of counterfeit products are worth nearly half a trillion dollars a year said by OECD. Brands want to protect from fakes and this is an opportunity for new business like VeChain who use blockchain technology to protect brands & products. Check also BlockVerify and how they track pharmaceutical products by offering a to ensure consumers that they receive an original product.
In this point new business and new paradigms are changing some industries and emerge new type of business like Everledger that actually works avoiding fraud and following an ethic chain path in diamonds.
The benefits of putting Blockchain technology in the supply chain systems are huge and we will see more wonderful ideas of companies and how old industries adapt to it. The way to do contracts (Smart Contracts), banks and venture capital companies are the first interesting parts in blockchain, surely you read some news about partnerships and ideas around them.
As you can imagine, in order to use Blockchain technology in the supply chain, some of the systems have to implement IoT devices in order to get new sources of data.
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