After you finish this article, you'll know exactly how Blockchain and Verifiable Credentials can provide full transparency across the entire supply chain in a secure way and prevent fraud from producer to consumer ⬇️
Create a Verifiable Credential with the Dock Blockchain - for free!
The Problem of Supply Chain Fraud
The supply chain is becoming increasingly complex, and the industry is plagued with problems such as:
- Lies about the origin of goods and product standards
- Financial fraud, such as manipulating record systems resulting in deceptive billing
- Counterfeit goods
- Outdated technology and the use of paperwork that is difficult to track
How Blockchain Brings Transparency to Supply Chain
How does it do this? We'll explain:
- An organic Food Producer issues a Verifiable Credential attesting that a specific batch of apples is organic.
- That Verifiable Credential contains an encrypted digital fingerprint of all the data in the document at the issuance time.
- The Food Producer places a key on a blockchain to decrypt the fingerprint. This process is entirely automated using a platform like Dock's.
Now a Retailer receives the batch of apples and wants to confirm its organic status.
Create a Verifiable Credential with the Dock Blockchain - for free!
Benefits of integrating Blockchain and Verifiable Credentials in the Supply Chain
Also, modern customers increasingly demand to know the origin of products and ensure they buy products ethically produced by people working in good conditions or with less environmental damage.
- Buyers, manufacturers, distributors, and sellers can replace paper documentation with digital fraud-proof certificates that are instantly verifiable.
- Third-party logistics have trustworthy information about the origin and destination of the product.
- Retailers can quickly get full transparency on the product, including its origin and standards.
- Customers can instantly get information on the origin of a product and other details.
Replacing Outdated and Manual Supply Chain Processes
The world is no longer suited to having multiple copies of essential documents physically carried inside envelopes and delivered to each party on the supply chain, from the producer to the retailer.
Along the way, the papers can get lost, ripped, or become at risk of being forged.
Integrating blockchain into the supply chain creates an auditable trail of product certificates within and between parties.