“Now, more and more consumers are demanding genuine transparency on where and how their products are made. Recent regulation in the EU requires companies to publish more information about their supply chains, with measures to ensure adequate punishment for those who do not. But even with increased consumer awareness and new regulation, ensuring the authenticity and transparency of a product’s chain of custody has proven difficult.
A new technology, called blockchain, has great potential to fix this. A blockchain is a shared database that is secure, open, auditable and runs without a single centralised operator. Specifically, blockchains enable users to transfer digital property to each other across expansive networks in a way that is safe, verifiable and prevents any party from altering or challenging the legitimacy of the information being exchanged, making it a promising tool for bringing greater transparency to complex global supply chains.”
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