Use blockchain technology to be transparent to consumers with origin and authenticity.
What is Blockchain?
Blockchain is a decentralized, distributed and permissioned digital ledger (database) that records transactions in a way that any record cannot be changed. From a supply chain perspective, blockchain provides a shared, trusted data platform that can increase visibility across the supply network.
How is Blockchain being used?
Blockchain applications are being used today from farm to fork and ranch to restaurant, by farmers, transportation and logistics companies, retailers and non-profits. The technology is performing functions, such as verifying identities and verifying provenance of assets including goods and foods. These functions of blockchain are helping to make business processes more trustworthy, efficient and secure.
What is a Smart Contract?
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.
How does Blockchain Help with the Challenge of Traceability?
Providing end-to-end supply chain visibility for the food ecosystem requires tracking with precision and speed of activities from the source of supply—often a farm—to the final point of purchase—a retail store or restaurant. It’s a complicated matrix, with multiple hand-offs and with each entity keeping its own set of records before the product finally reaches the consumer. In many cases, supply chain activity records are paper-based, and even when these records are managed in software systems, they don’t inter-operate easily from one business to the next without significant human interaction. The end result is a fragile system that fails to provide the transparency and trusted source of information across the network in a timely and accurate way. The impact to the business is cost associated with data duplication, inefficiencies in supply chain operations and inventory management and the effort to reconcile any discrepancies between transaction partners.
Blockchain is providing this data platform, allowing the sharing of information and ultimately end-to-end supply chain visibility. When combined with other technologies, even more complex challenges such as cold chain and freshness can be addressed. Internet of Things (IoT) sensors are being used to track and monitor temperatures. Radio frequency identification (RFID) tags and sensors are capturing the movement of goods from point to point, eliminating manual efforts and paperwork. Finally, analytic software and AI are providing dashboards to key performance metrics as well as alerts to anomalies (such as temperature changes) that would negatively impact shelf life or freshness of a shipped product.
What does Blockchain have to do with Consumer Trust?
Blockchain is helping brands boost traceability across the supply chain and build consumer trust. Blockchain Ready Studio can work with brands to target shoppers online and in-store and answer questions that shoppers want to know: Where did this come from? How was it made? How old is it? Is it good for me and my family?
With the Blockchain Ready Studio Platform, brands can advertise that they are collecting and recording immutable data about the origin and journey of their products. Instead of asking consumers to take their word for it, they can point to their verified, immutable blockchain data as evidence.