Understanding the provenance of a product is of interest to many customers in today’s societies. With the challenges around fake products and scandals such as horse meat in UK food, there is an every growing intents in the makeup of the products that we buy and use in our daily lives.
Blockchain technology is a great use case of Provenance and there have been many trials happening over the last few years on this use case.
The main use cases for provenance using Blockchain technology focus in the areas of:
- Tracking the origin and movement of high value items in a supply chain e.g. food, fashion and cotton – see the MonoChain case study for more details
- Tracking critical items of documentation such as bills of lading or letters of credit.
A usual provenance solution:
- Tracking the journey of a product begins at the source and ends with the customer.
- Data is gathered about the supplier and their locations as well as the environmental and social impact of each business.
- The Blockchain technology links together data from the farm to factory to depots and retail branches.
- The digital history can be accessed and reviewed by store colleagues, the food team and the customer.
Provenance benefits and outcomes
There are many benefits to implement Blockchain technology for provenance such as:
- Keeping track of goods in the supply chain throughout their lifecycle, which improves trust and transparency between supplier parties, retailer and end customer
- To help remove the problems of counterfeiting and theft
- To reduce supply chain risk – Each point of the product transfer is recorded on the Blockchain. Every business in the chain gets a digital passport to prove the authenticity of their product.
- Grow customer trust – Real time product data can be accessed by all customers, brands can convert marketing and product claims into data powered information to trust
- Increase Efficiency – All relevant data is stored using Blockchain technology which is traditionally separated into different silos, making it hard to see the full picture.