DIGITAL PRODUCT PASSPORT FOR DATA-DRIVEN ECONOMY

Are you searching for precise indication of the provenance of products? We provide it with our digital passport for products. It enables you to monitor the life cycle of different recyclable products like plastic, car batteries, and many others. Blockchain technology allows tracking waste generation, from raw materials to recyclers.

Blockchain is far more than just a technology that supports bitcoin. By offering a distributed ledger that enables secure and verifiable transactions between multiple businesses (or individuals), it most certainly impacts business in profound ways. Collaboration is the essence of business life, but it doesn’t come easily. Your partners may lack commitment; they may not even tell the whole truth. For example, suppliers may try to hide quality problems, and customers may ask you to renegotiate prices despite initially agreeing upon them. Communication, sharing information, and coordination between multiple parties are difficult. The fact that information exchange sometimes still takes place through a huge amount of paper documentation (which cannot be searched and is easily lost) or countless emails (which are cumbersome to sort through) exacerbates these challenges.

However, there is one technology that could fundamentally change the way all parties work – a blockchain.

Blockchains have the potential to radically transform many aspects of business life, while being a tool particularly well-suited to boosting cooperation. Blockchains are digital ledgers in which the parties involved in a process (e.g., business exchange) have control over the shared information – it’s a feature that makes blockchains ideal in situations where trust plays a critical role. The technological construction of a blockchain makes it impossible for anyone to change its content without the consent of the other parties. All participants can see the content, but none of them can modify it. Blockchain is also known for the so-called smart contracts, which mean automatic execution of certain clauses when specific conditions are met (e.g., breaking a given condition results in automatic payment for the damages, without the need of going through the evidence process). In recent years, blockchains have proven very useful in industries such as logistics, insurance and finance, energy, and arts.

To appreciate the ways blockchains can support business, consider the task of shipping perishable goods across borders – a task that requires effective coordination between, among others, suppliers, merchants, carriers, customs officials, and inspectors. When parties transfer cargo to each other, a tremendous amount of information is passed on with it. Each party keeps its own records and communicates with only one partner at a time. It often leads to

unequal level of knowledge among different participants, shipping delays, and even falsification of documents or products. If, say, a buyer expects goods to be continuously cooled during the shipping process and temperatures exceed agreed-upon trigger thresholds, this will most likely cause a dispute between the buyer, supplier, and carrier. The disagreement might even escalate into lengthy litigation. The carrier may deny liability to reduce damages, arguing that customs is to blame for delaying the shipment or that inspectors mishandled the cargo. The buyer will turn to the supplier for compensation, and in turn, the latter will have to negotiate with the carrier. And so on.