Forward-thinking enterprises are investigating innovative uses for this distributed ledger technology.
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1. Tracking Food (And Other Goods)
A UK-based software company called Provenance has pioneered one of the more interesting and innovative uses of blockchain technology. As consumers have become more interested in where their food originates, retailers and restaurants are looking for ways they can make sure that the ingredients they are getting are exactly what they expect.
Provenance has created blockchain-based software, which when combined with tracking technology, can securely trace the entire journey of ingredients from the point where they were harvested to the final consumer point of purchase. At every step along the supply chain, unalterable data is added to the blockchain, giving consumers complete confidence about what they are eating. Companies have used the software to ensure that tuna was sustainably harvested, that farmers received a fair price for their coconuts and that the produce on supermarket shelves really is organic. The technology can also be used to track the point of origin for clothing or even valuable goods like artwork or diamonds.
Cynthia Harvey is a freelance writer and editor based in the Detroit area. She has been covering the technology industry for more than fifteen years. View Full Bio
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