As far as consumer product tracking and tracing are concerned, Blockchain and IoT play a very significant role. Using a blockchain based solution, the journey of a consumer product can be tracked on an immutable ledger. This enables to automate the entire business process without creating an expensive and complicated centralized infrastructure. With the help of this, the certified authorities can ensure authentication by assigning a cryptographic hash to each product.
Blockchain, combined with IoT, offers a completely new landscape which enables users to capture data digitally in the different supply chain entities as well as share to a centralized database. This great combination ensures that all the data are tracked and monitored in real time and transmitted into a blockchain node. Once this is done, the information can be shared with multiple other nodes according to the smart contracts, and the interested parties can initiate actions based on accurate information.
Whether it’s about driving the protocols, aligning the stakeholders and permitting transactions, smart contracts and blockchain help you do this with ease and perfection. This proves blockchain has a lot to contribute when it comes to consumer product tracking and management.