Emerging blockchain platforms offer increased transparency for consumers
Implications - Platforms that allow consumers to trace their goods through to the path of purchase shine a light on one of the most anticipated uses of blockchain technology. From concert tickets to poultry supply chains, these platforms help to increase transparency at various stages of the transaction in question. By using blockchain to allow consumers to see more of how products reach their hands, brands are able to establish a more authentic connection with their consumers, thus adding brand equity.
Workshop Question - Where in your business might you add an increased level of transparency to help develop a more authentic connection with your consumer?
Trend Themes
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Blockchain Transparency — Using blockchain technology to allow consumers to trace products from production to purchase creates a more authentic and transparent connection between brands and consumers.
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Nfc-enabled Authentication — Implementing NFC-enabled packaging and labels with crypto functionalities creates enhanced security and trust with consumers in the products they purchase.
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Embedded Scannable Labels — Using embedded labeling that is scannable throughout the entire supply chain increases consumer safety and provides more insights into the origin of food and products.
Industry Implications
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Food and Beverage — With the increase in fraud and supply chain issues in the food industry, implementing blockchain technology and scannable packaging solutions can increase transparency and consumer trust.
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Fashion and Luxury Goods — NFC-enabled authentication can eliminate counterfeit products in the fashion and luxury goods industry, increasing consumer trust and brand equity.
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Product Labeling and Packaging — Hybrid printing methods and embedded labeling technologies can provide benefits across various industries where accurate tracking and information transparency are necessary.
