This article was first published on IOTA - Medium
The collaboration between IOTA and EVRYTHNG announced today is designed specifically for making product supply chains transparent in order to meet the urging demands for sustainability from people and planet alike.
Supply chains are complex systems that currently lack transparency. Increasing transparency among supply chain stakeholders is already a daunting task. Exposing this transparency to consumers is even more difficult.
But what if consumers could demand transparency? Today’s consumers want to make informed choices about the products they purchase. Particularly in the food and fashion industry, provenance data can help consumers assess the authenticity and sustainability of the products they purchase.
Securing transparency with DLTs
Public distributed ledgers can help manufacturers open up supply chain data to their customers. Storing this data on distributed ledgers allows any customer to access it either from a dedicated app or with a simple web interface, without the need for any log-in detail or sharing of personal data.
EVRYTHNG’s mission is to give unique digital identities to a range of consumer goods. Using this identity, an object (like a handbag or a bottle of whiskey) can be followed along its production chain, while collecting data about its manufacturing process.
For luxury items, such data becomes important to prove their authenticity and can combat the half-trillion-dollar counterfeit industry. In the case of organic food, the same data is useful to prove compliance to high production standards.
The information contained in this data often fails to reach consumers in a trusted and transparent way. Instead, it remains siloed by manufacturers who face the challenge to prove the integrity and authenticity of this data to consumers.
When information is provided to customers via a centralized platform, it has often been aggregated by numerous actors in the supply chain and filtered through a middle man.
This increases the risks of tampering ...
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IOTA - Medium