Can blockchains drive supply chain transparency in 2016?

By Nye Longman
Provenance, a London-based software company,is using public blockchains to create a comprehensive trust mark that will span the entire length of the sup...

Provenance, a London-based software company, is using public blockchains to create a comprehensive trust mark that will span the entire length of the supply chain.

In short, a blockchain provides a shared database that is both transparent and tamper-proof. Specifically, it is a public ledger of all Bitcoin transactions that have ever been executed and has complete information about addresses and balances right from the genesis block to the most recently completed block.

Jessi Baker, who heads the company, said: "Provenance is focused on helping great companies to build more trust from customers by being more transparent with how they create their products. As well as the environmental impact, it's about authenticity data – so where was something really made; was it really made by that person.

RELATED: Four steps for an ethical supply chain

"We are very concerned with how this data is presented to consumers, and not just end consumers but consumers along the chain, so it could be a retailer buying from a producer, for example. We are very focused on the accessibility of that information, and how it is presented, on product or in-store."

Provenance will also use the transparency of blockchains as a clear path to discovering if something is sourced in a sustainable manner, including whether slavery or other abhorrent practices were used across the supply chain.

Baker said: "We have three levels that we are thinking about. The first is the business level: so who is this company? What do they do? Do they pay tax? Then the product level, which is around supply chain mapping. The blockchain component is more item level tracking, so is this particular item what it says it is? Is it really organic? Has it really been made by this company, in this place? So it's a bit of a hybrid.”

Stay Connected. Follow @SupplyChainD and @MrNLon on Twitter. Like our Facebook Page.

Read the January Issue of Supply Chain Digital.

SOURCE: [IB Times; Investopaedia]

Share

Featured Articles

Mars Snacking's Amanda Davies on Sustainability at P&SC LIVE

Amanda Davies, Chief R&D, Procurement and Sustainability Officer at Mars Snacking, discusses sustainable futures

DP World: Delivering the ICC Men’s T20 Cricket World Cup

Logistics giant DP World is among the companies playing a key role in the delivery of the ICC Men’s T20 Cricket World Cup hosted by the USA and West Indies

FuturMaster: Unlocking Untapped Potential in Supply Networks

FuturMaster, a pioneer in supply chain planning solutions, has launched the Network Insight Graph in a bid to unlock untapped potential in supply networks

Why you Should Automate your Supply Chain Analytics

Digital Supply Chain

P&SC LIVE New York welcomes Amanda Davies, Mars Snacking

Sustainability

P&SC LIVE New York welcomes Kirsten Loegering, ServiceNow

Operations