Blockchain technology provides a secure and unalterable method to observe an asset - such as an art piece, a diamond, a unit of fuel - as it travels along the supply chain. In marrying blockchain with other technologies, unique digital identities are created for assets and visible to stakeholders. Blockchain is referred to as a ‘trustless’ network. This is not because members don’t trust each other, but because they don’t have to. This trust is created by blockchain’s improved security, enhanced transparency, and end-to-end traceability.
Network participants are provided with end-to-end supply chain transparency through access to shared data recorded on the distributed ledger, including transactions and other relevant data (such as the emissions history of energy production). All data is immutably recorded and stamped with times and dates. This enables members to view the entire history of a transaction and consequently, virtually eliminates any possibility of fraud.
