“Provenance enables brands to disclose the ‘lifetime’ of a product, such as the materials used, where it was manufactured and granular details of their supply chain. Its system hinges on the Blockchain, the verification technology that underpins bitcoin transactions. The Blockchain can ensure that some supply chain information is anonymous – something that will be reassuring to bigger brands – and keeps it secure.
The idea is to demystify products for consumers, who have a right to know about the items they spend money on.
Founder Jessi Baker told Marketing: “It is one of those latent trends. As soon as someone really enables people to make fact-based choices, they will.
“There are a lot of cynics who think people don’t care – some don’t and some do. I am one of those consumers who, if they had information, would make better choices.”
Full transparency isn’t something that comes easily to brands – take the big food industry lobby against traffic light labelling in Europe, for example. And it often comes more naturally to hoover up and use consumer information than it is to embrace an open data philosophy.”
Read the full article here.