Traditional Companies Waking up to Blockchain Authenticity Benefit

Blockchain has been widely used in the crypto world, but traditional businesses are starting to notice its ability to level up their brand reputation. A recent analysis by GlobalData shows that blockchain boosts customer confidence by providing them with explicit and reliable information on supply chain methods and product provenance, in contrast to centralized systems. 

According to GlobalData, blockchain integration establishes product authenticity, improving trust, transparency, and traceability in multiple sectors.

To help companies adopt blockchain, Diginex, a Hong Kong-based digital financial services and blockchain solutions company, has collaborated with Coca-Cola and Reckitt to launch diginexLUMEN. diginexLumen is a supply chain traceability solution that directly addresses environmental, social, and governance (ESG) concerns. Every step is tracked, and the complex supply chain system is simplified. 

Meanwhile, Dutch supply chain technology startup Circularise is implementing a way to track and exchange environmental effect assessment indicators such as biomass, recycled raw material tracking and management, and life cycle assessment (LCA) with its partners. 

Blockchain can also be combined with various technologies such as AI and the Internet of Things (IoT) to provide better services. De Beers, a diamond mining company in the U.K., uses Tracr, which provides tamper-proof source assurance from immutable data. This is the only distributed blockchain in the world that offers this attribute.

Moreover, the report says that blockchain boosts the operational efficiency of industries. For example, at the height of the pandemic, vaccines needed to be verified and monitored to eliminate the risk of patients having complications. eZTracker uses blockchain to control the use of expired, fake, and inappropriately stored COVID-19 vaccines in Zuellig Pharma. Analysts use the data gathered to improve the transparency and efficiency of the supply chain. It is also mobile-enabled, wherein clients can instantly verify vaccinations' authenticity and provenance on their phones. 

“There is no straightforward way to monitor a product’s provenance and authenticity in today’s supply chain networks. Centralized systems are fundamentally insecure as they rely on centralized certificate authorities and centralized databases having single points of failure. Blockchain solutions, which are decentralized and immutable, enable product traceability and authenticity by tracking the products back to their origin and through the supply chain.” said Abhishek Paul Choudhury, the senior disruptive tech analyst at GlobalData.  

Choudhury also mentioned that blockchain-augmented product authenticity innovations could generate enormous company value. Blockchain lowers supply chain risk, improves transparency, and optimizes operational management. The technology is evolving and has not yet reached its peak, creating more uses plus enhancing its resilience and sustainability.