Using blockchain technology in the global supply chain is revolutionizing the way products are tracked and traced. By combining blockchain with sensors, RFID tags, and Datamatrix codes, companies can now keep an accurate record of a product’s journey through the supply chain. This information, including temperature, humidity, and vibrations experienced by the product, can be stored on the blockchain, providing transparency and accountability.
One example of this is Shping, a consumer rewards app that has partnered with IBM to offer comprehensive information about the origin and journey of products. Through IBM Food Trust, a blockchain-based platform, consumers can trace the journey of products from creation to sale. Shping also rewards users with SHPING tokens for scanning products and taking photos of receipts.
Brilliant Earth, a retailer of ethically-sourced diamonds and jewelry, uses Everledger blockchain to track the provenance of its diamonds. Customers can securely trace the origins of their diamonds, ensuring they were sourced responsibly. The blockchain records every step of the diamond’s journey, providing transparency and assurance.
Tony’s Chocolonely aims to create a slavery-free chocolate industry by partnering with Accenture to implement its own blockchain platform. By tracing the origin of its chocolate using blockchain technology, Tony’s ensures that it is not produced using child labor or slaves. Data is entered at each stage of the cocoa’s journey, from collection to sale, allowing for verification and transparency.
Blockchain technology is transforming supply chains by providing transparency, accountability, and trust. It allows consumers to understand the origin of everyday products, promotes ethical sourcing in industries like diamonds and chocolate, and enhances loyalty and awareness for brands. With blockchain, the global supply chain becomes more efficient and reliable than ever before.
Hot Take: Blockchain technology is revolutionizing supply chains by providing transparency and accountability. Through partnerships with companies like IBM and Accenture, brands are using blockchain platforms to trace the origin of products such as diamonds and chocolate. Consumers can now have confidence in the ethical sourcing of these products and make informed purchasing decisions. With blockchain technology, the global supply chain is becoming more efficient and reliable, benefiting both consumers and manufacturers.
By
By
By
By
