Immutability, encryption, decentralization, no borders... Blockchain allows many things, one of those things is Supply Chain on top of the blockchain, tracking from birth to destruction or consumption of a product, tracking that allows one to know if the product we are consuming is a trustworthy and honest product!
Nowadays, trust is everything, especially in Asian countries where counterfeit still happens a lot! If we, in the west, have issues with counterfeit products, imagine what China has to deal with! Between illegal markets and counterfeit products, China loses millions upon millions of dollars each year just on taxes!
A new study done by Label Insight found that 94% of consumers are inclined to be loyal to a brand that offers complete transparency.
Transparency creates a brand that allows consumers to be loyal to them! In a world of bad practices, transparency allows one to choose the most ethical product! In a world of child exploration, in a world of chemical spills from mishandlings and poor maintenance, in a world where one big greedy capitalist can ruin a whole ocean, in this world... Transparency, reliability, openness, trust goes a great way to create a brand.
Furthermore, 73% of consumers say they would be willing to pay more for a product from such a brand... so, even those greedy capitalists that would go for profits over ethical practices would profit with increased transparency and honesty.
This is why one of my favorite blockchains (which I won't name here because I don't like to Chill) is a mainly focused Supply Chain blockchain... Even though it is used for other things such as inheritance.
Supply Chains running on top of blockchains will be a huge thing in the future! Millions upon millions, I would even go so far as saying BIllions of products running day in day out on top of the blockchain, certificates, temperatures, the basic components, etc... Supply chains on top of blockchains will be a really huge thing! And with increased consumer trust comes increased profits! Lots and lots of profits for businesses that adopt blockchain tech for their Supply Chains.
Images Free Source - 1, 2,3,4,5,6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 - Tradingview snapshots too.
Question of the day: Would you buy a product that increased their transparency and reliability by inputting the whole supply chain on the blockchain and making the whole information public?
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