“The technologies by which the physical goods and materials are identified and linked with their digital representation on the block chain encompasses serial numbers, bar codes, digital tags like RFID (radio frequency identification) and NFC (near field communication) tags as well as genetic tagging.
“What’s interesting [about Bitcoin] is not just how it can transfer money, but that it operates like a global computer,” Provenance founder Jessi Baker tells just-style. “It’s a whole new method of transferring and holding on to data.
To begin with, the company has chosen to start by tracing cotton T-shirts to Africa and tuna to Indonesia. Depending on the success of these two products, the company will open it up to other industries.
The idea that blockchains will entirely change the game for certifying, tracking and tracing the origin of a product seems almost too good to be true given the sheer complexity of most supply chains.
If successful, consumers, brands, certifiers and governments could all reap the benefits of such a platform that offers a secure guarantee of a true chain of custody.”