IOTA has announced a partnership with Evrythng to make its product supply chain transparent. The aim of the project is to meet the ever-increasing demands for sustainability on the part of consumers and the planet.
Today, supply chains are complex systems that lack transparency, however, many consumers want to make informed choices about the products they buy, particularly in the food and fashion sectors. In fact, data on the origin of products can help consumers to assess their authenticity and sustainability before making a purchase.
The IOTA and Evrythng project aims to ensure product transparency by using distributed ledger technology (DLT).
It can help manufacturers make supply chain data available to consumers by storing it in public distributed ledgers that any customer can access freely through a dedicated app, or via a web interface.
Evrythng’s mission is to provide unique digital identities to a wide range of consumer goods. Using this identity, a product can be followed along its entire production and distribution chain.
In addition, for luxury goods, this data also allows them to prove their authenticity and can help to combat the counterfeiting of goods.
In the case of food, on the other hand, they can be useful for demonstrating compliance with production standards.
Providing this information through traditional, centralised systems means providing it through an intermediary, with the risk of tampering with or recording false information. DLTs can limit or reduce both problems.
IOTA’s role will be to ensure data integrity by allowing the storage of data on a distributed ledger, easy to access and open to anyone. This ledger is not based on blockchain, but on Tangle, which also allows extremely inexpensive trustless micro-transactions. This means that it is possible to record a large number of low-cost transactions on the distributed public ledger without having to create a wallet and buy cryptocurrencies.
The operation requires that a unique digital identity is created for each product and that the data collected is stored on the Evrythng platform and at the same time recorded with a cryptographic hash on the IOTA Tangle. This hash, which is virtually immutable, is also assigned a time stamp.
Consumers will then be able to scan the product’s QR, see all the data collected, and verify its authenticity. This check can be done with a special App, or by checking the transaction data with one of the IOTA Tangle explorers.