Requirements For The IBAX Blockchain To Contribute To The Supply Chain

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How can blockchain benefit the supply chain?

Supply chains are essentially series of transactions, so blockchains can be useful in this area. With blockchain technology, you can prove where products come from, whether they're sourced through fair trade or certified organic. The governments of the countries that purchase or ship the products can ensure that the companies involved comply with local laws. You can also automatically make supplier payments when certain conditions are met.

Provenance, a company that enables brands to build trust through transparency, has conducted a series of experiments in the blockchain space. In one of the trials, the tuna caught by Indonesian fishermen with blockchain and smart tagging were tracked with verified social sustainability statements. In another application, a small-scale fashion brand wanted to turn its ethics story into a mobile in-store experience to engage its consumers.

Research reveals that shoppers are willing to pay more for products from companies that make a commitment to positive social and environmental impact, but few trust companies that make that claim. At this point, blockchain can provide full visibility into a product from its origin to its production and shipping to the shelves.