Provenance Transforms Supply Chain Industry With Increased Transparency And Traceability
Provenance develops trust in big brands and products. It enables transparency and traceability with a set of corresponding software tools. Transparency tools showcase the people, places, and processes behind the production.
Traceability tools trace the journey of ingredients, raw materials, and finished products. The London-based startup’s platform integrates blockchain, mobile, and social to enable companies to bestow customers the entire journey a product takes while also allowing the consumers to share and verify information as well.
The company concentrates on end-user reporting more than other solutions to a limit where consumers in a supermarket will be capable of scanning a Provenance QR-code and understand every item’s entire history from source to shelf.
It has signed up more than two hundred producers and retailers to its platform in industries as beverages, food, and fashion.
“We take it for granted that when we buy a product at any point in the supply chain that we’re putting a lot of trust in a brand,” says Provenance CEO and founder Jessi Baker. “We try to educate companies about blockchain, but the reason they are coming to us is that they want to be trusted by their customers.”
London-based Provenance grew out of analysis on blockchain founder Jessi Baker began doing several years ago for her Ph.D. in computer science. As part of her Ph.D., she becomes one of the first people to use blockchain for the supply chain.
Since then, Baker has operated with non-profits and developed pilot projects such as a plan to verify that tuna being caught by fishermen was meeting social sustainability goals. Provenance can give each tangible product a seamless digital ‘passport,’ developing far greater transparency and trust. This will then limit the trading of stolen or fake goods by having an auditable account of the journey behind all physical products.
The aim is to decrease the current $250 billion loss by businesses and customers because of counterfeiting, enable firms to comply with key legislation in product traceability and support products created with a positive social and environmental impact.
In moving to build a company, Baker chose to concentrate on trust among brands and customers. To reinvent the concept of faith, Baker knew that transparency was essential and that blockchain could support.
It enables the company to build a verifiable trail that follows their product from origin to end. On the Provenance blockchain platform, businesses can store details of every partner and producer in the supply chain.
Are the elements organic? Are they cruelty-free? Are they free of dangerous chemicals that are harmful to the environment? By utilizing blockchain certificates, the platform tests where a product originates from so that brands can assuredly sell their products in ways that align with consumers’ values.
“I’ve always been a firm believer that aspects of the product like ‘who made it?’ and ‘where does it come from?’ should be part of the buying experience,” Baker says.
The platform enables customers to provide comments, reviews, or personal stories through a mobile app that gets verified and added to the product. This further increases data as well as the narratives around a product.