A Star Is Born? Take it easy, not so fast. Part 16

Guarantees of origin

"Never forget what you are, for surely the world will not. Make it your strength. Then it can never be your weakness. Armour yourself in it, and it will never be used to hurt you." - George R.R. Martin, A Game of Thrones

Inspirational song, Tears in Rain Monologue - Blade Runner - Vangelis

Since the beginning of humanity, we ask ourselves, where we come from.The irony of human history is that we discover our origins at the end of the journey. In the meantime, we fight for power of interpretation.

But we all know, time is money in the economy.

The provision, testing and preservation of guarantees of origin (Provenance) today, represents a significant economic factor.

Not only accounting firms, auditors or certifiers are affected by the potential of blockchain, but also manufacturers in tracking their products.

Systems such as Everledger allow the tracking of the owners and the change of ownership, for example, for diamonds. Everledger documents all property-related transactions for each diamond.

Thus, you can see the property history, trace back to registration, comprehend without a doubt.

Especially for diamonds, the technology is particularly suitable. Each diamond is due to its optical behavior one-to-one identifiable, comparable to a fingerprint.

When a diamond is examined, it can be tested on the basis of the fingerprint whether he is known in the blockchain and it can be used to clarify ownership.

This service is interesting for a variety of business partners such as banks, insurance companies, diamond dealers but also police and courts.

Similar guarantees of origin are also needed for other industrial sectors and product types.

Firstly, in the case of product approvals, it has to be proven that certain conflict minerals such as tin, tungsten or tantalum were not used in the production process.

On the other hand, the use of manufacturer-certified spare parts is of interest in order to ensure that, for safety reasons, no counterfeit components are used.

For example, when transporting dangerous goods each vehicle must be accompanied by extensive documentation of transport containers, vehicle characteristics, trainings.

With Smart Contracts, the regulations and regulations in the sense of electronic contract management, this means rules and processes are formally described and automatically monitored.

At the core, it must always be ensured that the origin of the products and raw materials is clearly traceable.