As Genuine Marketing Group’s technology partner, the IBM blockchain is utilized to authenticate products while tracking and recording the journey from origin to the shopping cart. As an inherent part of this authentication process, a large amount of product, retail and consumer data will also be gathered and stored on the Blockchain. Thereby creating a secure data-rich resource that is stored and retrieved with frequency via a trusted name in the industry. IBM.
Every blockchain entry builds on a unique data chain that cannot be deleted or copied, thus making it secure and compliance oriented. Any corruption is readily apparent, and everyone in the system is made aware of it. This self-policing mitigates the need to depend on legal or government safeguards and sanctions to monitor and control the flow of products through the supply chain. Blockchain allows for a more transparent and efficient system that is open to all stakeholders with permission to view the private ledger. Including the consumer.
Blockchain is a shared distributed ledger that facilitates recording transactions and tracking assets in a business network. An asset can be a tangible item, such as produce, packaged goods or car parts. It can also be intangible intellectual property, such as patents, copyrights or branding. Virtually anything of value can be tracked and managed on a blockchain network.
Simply put, blockchain creates trust, as it represents a shared record of the truth.
Each item labeled with a GMG proprietary “ZPTAG™ QR code” is a unique item on the blockchain. The product, produce or luxury good is scanned at each stage of the distribution channel to create the data chain and each block created in this chain is unique to the Product ID of that item. These unique product tags are recognized by the system as both the individual item itself as well as it’s relationship to other unique tags in a case of items and even the unique tags of separate cases of unique items on a pallet. A single item is never lost within the blockchain tracking and is as unique on the retail shelf as it was coming off the production line.
Each stakeholder in the distribution chain serves as a data point in the blockchain authentication process of the product. As the manufacturer or producer of the product tags their item, the blockchain data entry process is started. This is followed by a series of receiving, owning and shipping out scans that closely document the journey from stakeholder to stakeholder as the item travels through the supply chain. Manufacturer or Farmer to Distributor to Retailer to Consumer. All recorded and verified on the blockchain. Secure and transparent for end-to-end verification.
As described as part of the blockchain, a private, shared ledger will be open for all stakeholders in the system to view. This allows for quick and effective responses to any disruption in the distribution chain. Genuine Marketing Group provides this access based on specific data points relative to each stakeholder. Manufacturers want to know if their distributors are handling their product correctly just As the consumer wants to know the retailer is doing the same. Real-time response to adjust and react along the supply chain can save money and ensure product safety.
