Blockchain technology is increasingly being tested outside cryptocurrency markets.
PwC, Merck and Hashgraph are exploring a provenance system designed to track cocoa through the supply chain.
The project demonstrates how distributed-ledger technology can potentially provide greater visibility into the movement and origin of physical goods.
What Is Blockchain Provenance?
Blockchain provenance refers to recording information about the history of an asset on a distributed ledger.
For a physical commodity, that could include:
- origin
- processing
- transportation
- ownership changes
- quality information
Why Cocoa?
Global supply chains can be difficult to monitor.
Products may pass through multiple organizations before reaching consumers.
Blockchain-based records can potentially create a shared data layer.
Why Large Companies Are Interested
Enterprise blockchain applications are moving beyond cryptocurrency.
Potential applications include:
- supply-chain tracking
- compliance
- product authenticity
- logistics
- carbon credits
- financial settlement
The Technology Challenge
A blockchain can prove that information was recorded.
It cannot automatically prove that the original information was truthful.
That means blockchain systems still require trusted data sources.
Final Takeaway
The cocoa-provenance project illustrates a broader trend:
blockchain technology is increasingly being explored as enterprise infrastructure rather than simply cryptocurrency technology.
The technology could eventually support greater transparency across global supply chains.