How blockchain can help with provenance? And what you should do about it?
Fake products are everywhere these days. Companies are finding it super hard to crack-down these fake products, and make sure their customers are not being cheated. This problem is causing tons of money for companies since customers are losing trust.
There are thousands of companies producing original materials, that are sold online directly to the customer. The customers are now trying to determine if the product is a fake or original.
But technology is here to solve problems we face in everyday life. This particular fake products problem is something that blockchain can be used to solve.
A technology like blockchain can involve a little bit of manual process that will help customers and vendors trace where the product actually originated from. This creates a sense of trust, and there is very little margin for anyone to fake the transaction since the ledger is shared.
How can blockchain help with provenance?
We’ve seen how blockchain is disrupting other industries. One of the biggest advantage in using blockchain is its ability to be transparent about the trail of information.
The technology ensures that the original inspection certificates are legitimate and are not falsified by anyone before it reaches the customer. In case someone tampers the certificate in the middle, the blockchain will clearly expose the identity and invalidates the originality of the product.
Though this technology might look simple for common goods, blockchain is invaluable when it comes to manufacturing cars, airplanes and industry critical applications.
A shared ledger that contains information about a product from pre-production to end-customer is invaluable to the industry.
We believe that the blockchain technology will be mainstream in the next 5 years with many industries across the world. Talk to a blockchain expert to know more about blockchain for your industry.