2. Blockchain Applications in Supply Chain Management

Provenance tracking is a critical process that enables comprehensive product lifecycle documentation through blockchain technology.

Provenance tracking refers to the ability to trace the origin and history of a product throughout its entire lifecycle.

Blockchain records every critical step in a product's journey, from raw materials to the final product delivered to the consumer.

Each stage of the supply chain logs comprehensive information onto the blockchain, creating a transparent and traceable record.

In food product tracking, data might include detailed information such as farming practices, harvesting dates, transportation details, processing steps, and retail locations.

QR codes or RFID tags can be used to efficiently update and access this critical information.

[JSON] {"type": "list", "items": ["Enhanced Transparency: Stakeholders can see the entire journey of the product", "Improved Accountability: Each party in the supply chain is accountable for their part", "Faster Recalls: Enables quick identification and resolution of product issues"]}

IBM Food Trust demonstrates blockchain's power in the food industry by enabling precise tracking of food products, ensuring rapid source identification during potential contamination events.