“Provenance, in one form or another, has been called blockchain’s killer app. The use of blockchain as a provenance protocol is a common denominator of all use cases, whether that relates to post-trade financial assets or physical entities such as diamonds or goods on a supply chain.
A blockchain provides a shared database that’s transparent and tamper-proof. Currently, the Bitcoin blockchain is being used by a number of companies, such as Everledger, Colu, Ascribe, Monograph, Stampery and Uproov, to prove the identity, authenticity and ownership of all sorts of things.
London-based Provenance is using public blockchains – Bitcoin and Ethereum – to create a mark of trust that spans supply chains from source to consumer. The company, which is headed by computer science PhD Jessi Baker, straddles supply chain and marketing.
Baker told IBTimes: “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.”