Avery Dennison integrates with public blockchain VeChainThor
Smart labeling company Avery Dennison (AD) and VeChain described their ToolChain Enabled Solution on the 14th International Internet of Things Exhibition 2020, conducted in Shenzhen, China., in late July
Due to Covid-19, customers require safer, healthier, and more traceable products. Blockchain and IoT products could very well be the solution, saving the food industry more than $100 billion. Utilizing AD’s original labels with VeChain’s public blockchain, food product life-cycles could be traced and tracked from end-to-end. The idea of blockchain and IoT labels on food products already exists, with data uploaded to an immutable blockchain whereby customers can track the product as it moves through the supply chain.
The internet, barcodes can be scanned to append tracking data. Most stores already use RFID tags to stop the theft of high-value items, which is a hint of their advantage. RFID labels don’t need someone to retain to scan the label because it works at a little distance. So it’s excellent for COVID-19 social distancing, to bypass the human error, and cut the cost of a person scanning.
AD’s association with VeChain comes a month after joining public distributed ledger network Hedera Hashgraph’s governing council, besides other major organizations such as IBM and Google, academic organization UCL. Council members are supposed to commit to governing software changes while supporting stability and continued decentralization.
Food traceability is a trendy blockchain solution with various big brands adopting Nestle’s technology and Bumble Bee to Carrefour. Several foods have picked on more than others. Walmart formulates blockchain for leafy greens because they are inclined to recall as a consequence of numerous outbreaks of E.coli. Fish and coffee are familiar because blockchain allows proof of origin and sustainability credentials, which supports premium pricing.
Nevertheless, the food industry is not the only supply chain AD has targeted, which has produced and manufactured labeling and functioning materials for major industries. AD has also dived into the world of beauty and fashion.
In November 2019, it declared its collaboration with influential fashion brand Ralph Lauren, which intends to utilize intelligent labels to build digital IDs for their entire product line, which would map the product’s entire life-cycle. This could revolutionize the whole fashion industry under particular heat due to their notoriously harmful supply chain footprint. Similarly, AD has suggested a significant beauty industry would profit from digital transformation due to growing customer demand for product traceability.