So, you are an organic shopper, and you are ready to pay twice, three or four times the actual price to get exactly what you want?
By Iffy Kukkoo
15 Feb, 2016
So, you are an organic shopper, and you are ready to pay twice, three or four times the actual price to get exactly what you want? Of course you are. And, considering all these health issues lurking around, you should be mighty proud of that. But, there’s a fundamental problem with your decision: sellers are aware of your determination to spend more money on what you think is better as well. And sellers know how to use this to their benefit. Now think about all the products you’ve bought during this month – and bought at an expensive price – once again. How can you know for sure that you weren’t manipulated into thinking they are organic? Do you really know the story of the carrots you just chopped for your afternoon salad?
The truth is, unless you’ve grown them by yourself in your own garden, there’s no way you can know the exact story of how the carrots you’re about to eat got to your plate. But, rest assured! After dealing for years with bitcoins (the news is, there’s a new sheriff in town) and devising plans how to revolutionise business communication, blockchain developers have gone back to the roots and are currently trying to use the technology to make you, the customer, feel much safer insofar the origin of the products you buy is concerned.
In layman terms: blockchain developers know how to bring to light the exact story of your carrots.
A blockchain is a kind of ledger that’s pretty hard (if not impossible) to fool. In the world of cryptocurrencies, a blockchain works by checking if a client has control over enough assets to cover any given transaction before the transaction can be sent. It’s not possible to “go into debt” by running a negative balance on your account. New assets are created by mining rigs which lend processing power to any particular blockchain network and relayed only by valid nodes on that network.
How is this connected to your carrots? In essence, the very same principle will result in a factual and untarnished record of their story.
In fact, Provenance is currently working on blockchain-based solution which may make supply chains far more transparent. CEO Jessi Baker recently told Coindesk: