06.4.2021 – The Cardano Foundation announces the live release of a unique supply chain traceability and anti-counterfeit solution together with Scantrust —a connected goods and products platform that provides digitalization for brand protection, supply chain traceability, and consumer engagement to Fortune 500 enterprises and small to medium enterprises (SMEs) in over 168 countries worldwide.
The Cardano-Scantrust solution allows brand owners to leverage the traceability and targeted data functions of Scantrust’s physical, secured QR codes; together with the speed and low cost of the Cardano blockchain for supply chain traceability and anti-counterfeit use cases. The live implementation of the supply chain solution, first revealed in December 2020, is complete and is already being successfully used in a proof-of-concept implementation with Georgian artisan wine producer, Baia’s Wine.
Baia’s Wines is a family-owned vineyard nestled in the Imereti Region in Western Georgia at an elevation of 213 meters (698 feet) above sea level. They export to more than a dozen countries. Baia’s Wines spans three generations of expert winemakers, and is now under the leadership of the Abuladze sisters—one of whom made the coveted Forbes ‘30 Under 30’ list.
The Cardano-Scantrust application will connect metadata on the Cardano blockchain to unique and traceable Scantrust QR codes on Baia’s wine bottles destined for international markets. This allows for detailed data visualization built from every touchpoint and interaction along Baia’s Wine supply chain journey.
Bringing transparency to the supply chain
The International Chamber of Commerce expects the global cost of counterfeit goods and piracy to reach US$4.2tn by 2022. In many countries, consumers cannot even be 100% sure that the products they buy are actually genuine.
Frontier Economics estimates that by 2022 the global volume of counterfeit products will amount to US$2.8tn—a staggering figure making up over 3% of global trade as reported by Forbes. Among those most deeply affected by this are family-owned artisanal businesses—crucial to the local economy in emerging economies.
Against this backdrop, a recent study concluded that 94% of consumers are likely to be more loyal to a brand that offers supply chain transparency, while some 73% are willing to pay more for a product that is transparent in all attributes. Further research by MIT Sloan found that consumers are willing to pay up to 10% more for products coming from brands that offer a high degree of transparency on product origin.
But while it is clear that consumers are demanding more information on the products they purchase, the way in which brands collect and present supply chain data to the consumer is unclear.
The Cardano Foundation has committed to tackling these issues alongside Scantrust, by offering a blockchain-based solution to help brands fight counterfeits and increase transparency in their supply chain. Using a proprietary and patented process developed by Scantrust, secured QR codes will be integrated onto products and linked to metadata on the Cardano blockchain. These secured QR codes include a secure graphic to give standard QR codes anti-counterfeit features.
Source: PR Cardano Foundation
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