π Trace β the collaborative effort between IBM and Gate2Chain β is an innovative platform that leverages blockchain technology to facilitate the creation and tracking of ‘digital twins’ throughout the supply and distribution chain.
β¨ During the recent London Blockchain Conference, Jessica Jaume, Operations and Business Development Manager at Gate2Chain, and Dr. Agata Slater, Business Transformation Consultant at IBM, showcased how digital twins, protected by the immutability of the blockchain, enable the electronic management of physical items in a transparent manner for all participants in the supply chain.
π What exactly are digital twins? These cutting-edge replicas of physical objects or systems are securely stored on a blockchain network. They incorporate real-time data collected from sensors and other sources, guaranteeing data integrity and security through the blockchain’s immutable ledger.
π‘ The integration of digital twins with blockchain technology enables real-time monitoring, automated processes through smart contracts, and shared access to the twin’s data by authorized stakeholders. This fosters trust and collaboration across various industries.
π This innovation has immense potential in applications like supply chain management, where accurate tracking and transparency of product movements are paramount. In manufacturing, digital twins on the blockchain allow real-time performance monitoring of machinery, leading to predictive maintenance and operational efficiency.
π Provenance and authenticity play a significant role in Trace. By leveraging the unchangeable nature of the blockchain, Trace provides provenance, authenticity, traceability, and ownership, strengthening the relationship between companies and consumers, increasing product value, and enhancing brand recognition.
π Using the BSV blockchain, Trace eliminates the need for native tokens, miner fees, and the fluctuations typically associated with blockchain technology. Through the platform, users can generate a digital twin for any object and securely embed crucial data within it.
π Customers can now verify and track the origin of an item from start to finish, turning the abstract concept of ownership into tangible value. The digital twin also acts as a deterrent against theft, rendering stolen objects useless once marked as stolen on the twin.
πΌ Jaume emphasized that Trace seamlessly integrates with ERP or CRM systems, enabling the creation and updating of digital twin data. It also facilitates the connection to consumer information, acting as a central hub bridging the gap between business systems and consumer applications.
π½οΈ Gate2Chain recently showcased the power of the Trace platform at a luxury dinner function in London. Guests had the unique opportunity to trace the journey of the ingredients served throughout the evening, thanks to digital twin technology. This demonstrates how Trace can be applied beyond just food products, with limitless possibilities in consumer goods, fashion, and manufacturing industries.
π Gate2Chain’s primary objective is to address everyday challenges faced by businesses and simplify the integration of blockchain technologies into existing processes. The Trace platform is a step towards achieving that goal.