Blockchain can help companies keep their brand promise when it comes to proving ethical and legitimate sourcing of supplies. Examples of how that happens.
When customers purchase goods or services, they expect the company to maintain their brand promise and value proposition, whatever that may be. Keeping a brand promise, businesses draw attention to their brand, increase brand loyalty, and retain their customer base.
In this day and age, customers are becoming wiser and savvier of what their favorite brands are up to, and also where they’re obtaining their products. Blockchain can help companies keep their brand promise when it comes to proving ethical and legitimate sourcing of supplies.
Consumers are turning to single-origin products
Single-origin products are those that have been produced within a single known geographic origin. Modern consumers prefer single-origin products based on a number of reasons.
First, when products are single-origin, they’re higher quality and consumers are able to easily find out if the products are ethical or not. Additionally, buying single-origin products helps create more jobs, ensure sustainability and grow communities.
Blockchain can help track single-origin products
Offering a single-origin product requires a lot of transparency, which is, in fact, one of the underlying principles of blockchain technology.
The Provenance platform is an example that uses both blockchain and open data to obtain information to validate and share a company’s authenticity. Their mission is to use the power of purchasing to make real change in the world. The platform offers services to the consumer, businesses, and partners.
Consumers can learn more about the products they purchase. Businesses get the opportunity to share their story and tell the consumer more information about the products they’re selling. And for the partners, Provenance offers them the opportunity to reinforce the work they’ve been doing by collaborating with their platform.
Another company that uses blockchain technology to show single-origin product information is OriginTrail. The company looks for supply chain data through the lens of fragmentation, centralization, and data protection.
Blockchain for single-origin coffee traceability
The popularity has increased throughout the last few years around single-origin coffee. Gone are the days where most people will accept the generic store brand. People want coffee beans from one location and harvested in a certain way.
However, the definition of ‘single-origin’ has become slightly loose and skewed over the last few years, too. It could mean anything from a specific region to a specific plant on a specific farm in a specific location. It all depends on who is selling it and how they’re marketing it. This is where blockchain comes into play and can provide additional transparency on where consumers are purchasing their coffee beans.
Onda Origins uses the blockchain ledger to track and trace their farmers’ coffee from the moment the coffee beans are planted to the point of sale. Their ledger gives information such as the name of the farmer, the specific origin, variety, process, tasting notes, farmer information and powering.
Their goal is to eventually close the disparity in the coffee industry because, since the 1980s, the price of a cup of coffee has gone up by 500 percent, however, the coffee bean farmers are still getting paid the same wage as 30 years ago.
Keeping the promise of ‘cleaner’ products
The beauty industry is notorious for hiding chemicals in beauty products. Today people are becoming more aware and concerned about what they’re putting in and on their bodies. Blockchain’s transparency is the perfect technology for beauty product consumers to find out what exactly is going into their everyday care products.
TE-FOOD offers a solution to this current demand. The platform represents a unique blend of blockchain and supply chain management that enables the tracking of products that are used in food and other industries from farm to table while making sure the information is transparent. The platform uses data such as showing the cost and identification of the products used.
Keeping the promise of faster processing times
JOLYY is an online booking platform for the beauty industry. The platform uses blockchain and peer-to-peer (P2P) technology for faster and more secure payments. JOLYY targets both beauty product consumers and cosmetic product representatives. This platform makes the payment process faster, and the P2P technology will make it more secure, which means beauty product consumers won’t have to worry about their credit card information being stolen or about long wait times on the website.
Ormeus Cash (OMC) and COTI released a point-of-sale (POS) system which allows merchants across the globe to accept cryptocurrency as payment for their products. The POS system works by validating and confirming crypto transactions faster than other traditional methods. The current POS blockchain systems often face slow transaction times because they’re reliant on miners to confirm the aforementioned transactions.
Miners confirming these transactions come at a cost of high fees. The POS by Ormeus Cash and COTI uses learned data to validate and confirm transactions, thus eliminating the use of miners.
This new blockchain-based POS system will allow faster checkout and processing times, and therefore create a more streamlined process for the consumer as well as a seamless offline shopping experience.
Blockchain as a brand solution
Keeping and maintaining a brand promise is important, but how a company does it is also important. Those who have turned to blockchain technology to enhance their brand strategy, as well as keep their promises to their consumers, can offer transparency, something that not many companies can be proud of.
Author: Tatsiana Levdikova