The Potential Market of Blockchain

How do we make sure the shirts we wear aren't made with child labor, or that the jewelry on our wedding rings aren't blood diamonds? Tracking the history of products through global supply chains is an attractive task given the number of parties involved. Some companies think blockchain technology can make it easier. For example, Provenance, based in London, attaches RFID tags to products such as fish or cotton to ensure the ethics and safety of its procurement; When the product changes hands, every step of its journey is automatically added to the blockchain. The end customer can verify the origin of the object through a mobile application. Provenance claims to work with more than 100 companies, including big brands like Sainsbury, whose architecture relies on Ethereum and the Linux foundation's blockchain Hyperledger. The company's founder, Jessi Baker, believes public blockchain "" has a long way to go before it's going to be used on a large scale." "To address this, some logging is done without relying on blockchain.

Another london-based company, Everledger, USES blockchain to secure the source of the diamond: each diamond is assigned a blockchain-based ID, which follows it from mines to jewellers and records its history. It is possible to find and identify diamonds of unknown origin, which are often mined in conflict zones. So far, more than a million diamonds have gone through Everledger's disposal.