Blockchain is a typical buzzword. When you hear the word blockchain at a birthday party, people often nod in agreement, that must be a very good and smart thing. Most of you probably know blockchain technology for its cryptocurrency, like Bitcoin. But how can we apply this technology in regard to compliance in the supply chain?
What is blockchain?
First, let’s try to explain the technology by using non-technical terms. Blockchain is a digital (cloud-based) decentralized collection of data, which is stored in the order of when that data arrived. The data cannot be adjusted or manipulated; Therefore, we define this as an objective piece of information.
You can say blockchain is like a public ledger with information. This can be information about money transactions, agreements between parties, or the energy use of a specific device. In short; all transactions and information can be stored.
How blockchain helps
Well, how does this help us? The Waste2Wear Blockchain system creates a transparent and traceable supply-chain to track the journey of recycled materials from waste to product. The blockchain works by generating smart contracts for every step within the supply chain in order to trace the recycled content of the products all the way to their source.
Detailed information in one dashboard
Blockchain provides us detailed information about certifications (GRS, BSCI, Oeko-tex, etc.) for each supplier involved, in order to assure the highest level of compliance and to guarantee the authenticity of the recycled content. With our blockchain dashboard, we personally monitor the whereabouts of our products at each step of the process.
It even allows us to show end consumers the origin by adding a QR code that redirects to the locations where they gathered the RPET bottles. This way we take transparency to the next level and make consumers aware of how they can do their part.