Blockchain-based Provenance raises $800K to straighten product supply chains
Provenance, a Blockchain-based supply chain analytics startup raised $ 800K in seed capital. Investors included Humanity United, Alexsis de Raadt-St.James, founder of Merian Ventures, and others.
The startup’s Blockchain-based technology creates a digital history within a supply chain, allowing to trace and verify origins, attributes, and ownership of products. It does so by assembling image, identity and location to create a profile, product and story pages. Ethereum and Bitcoin-based
Businesses can use the startup’s software to track fresh produce, and their product claims, from origin to supermarket by entering product info on the Blockchain at each step of the supply chain. Same information is accessible to customers and partners which helps build trust without the need of third parties (like government agencies that certify qualaity of produce).
The recent funding will help Provenance achieve product-development milestones. The recent round of funding by Provenance shows that Blockchain’s one of the novel application is in supply chain management. Bext360, another Blockchain, and AI startup provide supply chain visibility solutions to the coffee industry.
Another company called Everledger is implementing Blockchain solution in the diamond supply chain industry.
There will be an increased emphasis on supply chain transparency as apparel, retail, and consumer brands come under pressure to disclose that their sourcing and supply chain practices are ethical.