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Blockchain: practical implications of a revolutionary technology for financial markets and beyond - DLA Piper
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This white paper is by social enterprise Project Provenance Ltd. and describes a prototype that uses blockchain technology to enable secure traceability of certifications and other salient information in supply chains. Provenance enables every physical product to come with a digital ‘passport’ that proves authenticity (Is this product what it claims to be?) and origin (Where does this product come from?), creating an auditable record of the journey behind all physical products. The potential benefits for businesses, as well as for society and the environment, are hard to overstate: preventing the selling of fake goods, as well as the problem of ‘double spending’ of certifications present in current systems. The Decentralized Application (Dapp) proposed in this paper is still in development and we welcome businesses and standards organizations to join our consortium and collaborate on this new approach to understanding our material world.