How ProvenienceX is building a 5G, IoT-enabled blockchain platform for product traceability, supply chain efficiency

Blockchain know-how use instances in crypto, NFTs (non-fungible tokens), decentralised finance, amongst others have skyrocketed on public blockchains resembling Bitcoin, Ethereum, and others.

Entrepreneur Aashutosh Bhardvaj, like some others, is extra within the potential of blockchain in enterprise use instances round logistics, product traceability and provide chain administration.

The truth is, his imaginative and prescient is to construct a 5G and IoT-enabled blockchain platform to allow companies to attain product traceability, automated knowledge assortment, effectivity in logistics, and clear and seamless provide chain administration.

To this finish, he’s constructing ProvenienceX —  a Software program-as-a-Service (SaaS) primarily based platform on Ethereum that includes dashboards for companies to hint provide chains and a cell app for customers to hint a product’s whole historical past and life cycle.

“We envision a secure and clear world for shoppers and companies alike. Customers wish to guarantee merchandise like meals, garments and so forth are secure, or they wish to help sustainable merchandise, moral sourcing, honest commerce, and so forth. With ProvenienceX, each stage of the availability chain is recorded on decentralised databases, and may be accessed by members,” he tells The Decrypting Story in an interview.

Adopting the correct of blockchain tech

ProvenienceX shouldn’t be the primary venture seeking to assist enterprises optimise their provide chains utilizing blockchain.

Many initiatives have constructed non-public blockchain use instances on high of options like Hyperledger Cloth, however such non-public options have been criticised for his or her non-permissionless nature (resulting in a scarcity of safety), lack of incentivisation on the community, perceived lack of immutability, and extra.

“Blockchain alone doesn’t clear up the issue corporations have. Corporations must undertake tech that’s scalable and speaks to the languages it employs, and never change into a hindrance,” explains Aashutosh.

In line with him, the differentiator for ProvenienceX is its thesis for preserving sure forms of knowledge non-public, whereas permitting different varieties to be publicly seen on a Layer 1 chain.

It is a idea fairly much like Zero Data (ZK) proofs, however not fairly the identical by way of how they’re utilized at present. In ZK purposes on Layer 2 options, good contracts course of and confirm that bundled transactions are legitimate off the primary Layer 1 chain.

ZK rollups thus enable for the validation of blocks in a less expensive, quicker, and privacy-focused method, thereby permitting builders and builders to make use of Ethereum at scale.

Nonetheless, ProvenienceX is at present being constructed instantly on high of Ethereum, and doesn’t use a Layer 2 chain. Going ahead, Aashutosh says its attainable ProvenienceX might construct its personal Layer-1 chain.

How the platform works

On the ProvenienceX platform, enterprises can verify batches of merchandise and hint batch particulars of a product, who created it, discover particulars of the businesses which manufactured and processed the substances, and so forth.

“Whoever produces a batch of merchandise, or the uncooked supplies, enters the info, assigns it to the following entity on the chain, then the following particular person processes it, and sends it additional up the availability chain until the product goes into the retail market,” Aashutosh says, explaining:

“As an example, an organization can see the info added by a farmer when sure uncooked supplies enter the availability chain. No frivolous gamers can enter the chain since solely authorised events can enter knowledge, and every thing is seen.”

To attain consensus on the ProvenienceX platform, there’s a Proof of Authority mechanism, whereby any authorised occasion can enter knowledge.

On the buyer aspect, customers can leverage the cell app to enter a product’s batch quantity, or scan its QR code, to disclose the whole historical past and provide chain of the product. Customers can thus hint it again to the place the farming first occurred, view photos uploaded by farmers, view certificates of authenticity, and so forth.

Aashutosh explains that these options add a powerful aspect of anti-counterfeiting to ProvenienceX’s worth proposition.

Though some blockchain business specialists consider Layer-2 options (that are quicker and extra environment friendly for crypto and NFT transactions) are the way in which to go, Aashutosh believes the enterprise use instances for Layer 1 options are solely getting began.

“Blockchain use instances for Layer 1 chains are maturing for fintech purposes, however past this, we’re nonetheless early, and there are a number of prospects for including nuances and making blockchains hack-proof on the enterprise stage,” he says.

Edited by Affirunisa Kankudti