The number of consumers demanding for genuine transparency is increasing. Almost everyone wants to know where the products they are about to purchase come from and how they got from there to the market. To raise the awareness of consumers, it takes more than just industry standards. That’s why scores of industries are open to the revolutionary technology used by Bitcoin – blockchain.
Certain standards require companies to distribute more information regarding their products and services in order to raise the awareness of their customers. However, these standards do not ensure a transparent and authentic chain of custody. This is where the blockchain technology comes in. A blockchain is an open, auditable and secure shared database that enables users to transfer digital property safely and verifiably across networks.
Industries are part of the world where digital preservation is imperative. They need to keep their long term digital information safe and accurate to engender trust from their consumers. The blurring line between public and private domains calls the need for a system or framework that will keep information authentic and trusted. Blockchain promotes decentralization of data, which means that no third party can control what is seen. This ensures industries that their data will go beyond weeks or even hundreds of years.
In conclusion, blockchain allows consumers to make informed purchases. They also empower governments to request reliable information easily and quickly. In a word, they will change the game for certifying, tracking and tracing where products come from. By playing together with industry standards, they become powerful tools that bring greater transparency to the most complex supply chains in the world.