The solution provides end-to-end oversight of the supply chain, giving buyers confidence in the provenance, authenticity and integrity of products purchased through immutable records posted to the blockchain at every key stage.
To build consumer trust in a product, it is vital to provide the tools for verifying its authenticity. However, in practise, this is difficult to achieve as a system of this kind has to include all parties involved in the product’s life cycle, from manufacture to final sale to the end user.
A network of participants is created, each of whom stores a copy of a distributed ledger containing comprehensive information on all stages in the product’s life cycle.
At each stage, a designated participant records the information to the blockchain. Once recorded, the information cannot be deleted or falsified, as all changes would be seen by other participants.
Thanks to this solution, buyers will be able to independently check all product information using a web or mobile app — including date and place of manufacture, expiration date, contents and compliance with quality certificates — and verify its authenticity.
If a counterfeit product is discovered, the buyer will be able to inform the manufacturer and regulators immediately.
Similarly, manufacturers will be able to control and track all stages of a product’s life cycle.
Blockchain enables the design of an entire industry in such a way that all participants operate in a homogeneous environment without any obstacles. The advantages of such a system include optimization of the document flow and the ability to execute transparent business logic while processing incoming data.