A dynamic trio is gearing up towards the launch of a new, niche blockchain-based product that could potentially revolutionize the supply-chain industry.
The three tech giants that are partnering are Mastercard, Accenture and Amazon Web Services. The companies are going to develop a blockchain-enabled supplier "tip" system that allows customers to essentially tip smaller scale producers.
The other two partners on the project are Everledger, a tech company, and Mercy Corps, a humanitarian organization. The ultimate goal of the project is to make supply chain processes more rewarding and sustainable for different stakeholders along the whole "chain".
According to press, the technology of blockchain and digital identity systems are implemented so that when a customer of a certain products scans the label, he or she can see who the producer is, how the product was made and tip the producer if they want.
As reported by Accenture and news website, Edie:
Data about the "first mile" - including growing and cultivating practices - of a product is collected through the initiative and linked to the product as it moves across the supply chain. The new scheme aims to connect consumers with these small-scale suppliers, hence the "circular" aspect of the initiative.
When customers are empowered to understand how the product they are using is made, product processes can become more transparent and rewarding for the small growers and producers.
All three companies and their partners are beyond excited to be offering a new type of supply chain process, all enabled by blockchain. Mastercard commented that smallholder farmers in countries such as Mexico and India are empowered through the innovative digital solutions that the company has recently been deploying. The new "tip" scheme presents an untapped opportunity for all small producers to get their "fair share" of the supply chain business.