🔍Trace – the brainchild of IBM and Gate2Chain – is a blockchain-powered platform that enables the creation and tracking of ‘digital twins’ throughout the supply and distribution chain.
💡Digital twins are virtual replicas of physical objects or systems securely stored on a blockchain network. By integrating digital twins with blockchain technology, data integrity and security are guaranteed. The blockchain acts as an immutable ledger, recording all changes to the twin’s data and providing a transparent and tamper-proof history. This integration allows for real-time monitoring, automated processes, and decentralized access to data, fostering trust and collaboration in various industries.
🏭This innovation holds promise in applications such as supply chain management and manufacturing. In supply chains, products can be tracked with unparalleled accuracy and transparency. In manufacturing, digital twins enable real-time performance monitoring, leading to predictive maintenance and operational efficiency.
🔎Jaume explained that Trace provides provenance, authenticity, traceability, and ownership value. By creating digital twins on the BSV blockchain, the need for native tokens and miner fees is eliminated, offering stability. The Trace platform allows users to generate a digital twin, similar to a token, for any object and securely embed crucial data within it.
💼Through digital twins, customers can verify and track an item’s origin throughout its journey, adding tangible value to ownership concepts. Trace offers seamless integration with ERP or CRM systems, acting as a hub that bridges the gap between business systems and consumer applications.
🍽️Gate2Chain recently demonstrated Trace’s power at a high-end dinner event in London, showcasing the traceability of ingredients used in the dishes served. A clear use-case for Trace is luxury food traceability, but it can be applied to various industries like consumer goods, fashion, and manufacturing. The primary objective is to solve real-world business problems and simplify the integration of blockchain technology into processes.