What is in my supplement?
How GoChain’s blockchain technology can increase consumer trust through transparency.
If you take supplements or consume natural and organic products, you are not alone. More than half of the adult population of the US takes at least one regularly. With consumers becoming increasingly aware of the value of good health, the natural products and supplement industry has grown to a value of $82 billion.
However, how do consumers really know what they’re putting in their bodies? Are they safe? Are they really “Organic”? There are two main reasons why these questions are becoming more prevalent
- Most supplements and natural products are not tested by the FDA or other administrative bodies.
- The industry is not regulated the way prescription drugs are and, as a result, the ingredients on the label may not be accurate. In fact, studies have found that labels are commonly misleading and the supplements themselves are often tainted.
So what are consumers and legitimate supplement and natural product providers to do in order to build brand trust ? The answer lies in traceability, provenance.
Rudimentary supply chain systems that rely on paper tracking and outdated data inputing methods do not provide a way to share data with consumers. Lack of transparency weakens brand trust as it is very difficult for the consumer to verify with accuracy the authenticity of a label or ingredient list.
Sharing authentic information from each and every step of the food supply chain enhances food safety, strengthens brand integrity, and increases customer loyalty. — Jad Asaad, Horeca Trade
Blockchain promotes brand trust by providing traceability and transparency through provenance within the supply chain. GoChain’s blockchain solution allows companies to store information across a network and view transactions simultaneously in real-time. This unalterable system gives consumers access to (limited) data from growers, suppliers and distributors allowing them to authenticate the origin and quality of every product they purchase and use.
“People buy from people they trust.”
Traceability: It Starts with the Growers
Trust begins with the origin and source of a product. When it comes to dietary supplements and organic commodities the quality and safety of each and every ingredient should be easy for consumers to verify. Being able to track and trace the entire life cycle of a product and share that data in real time is paramount to a companies credibility.
However it is nearly impossible for consumers to know exactly how and where you are sourcing ingredients because they can’t see it. Current supply chain systems are not built to provide transparency. Blockchain makes it simple to allow your consumer to join your process by giving them the ability to track and trace the journey of any product in real time from the farm all the way to the store shelves.
Americas favorite chocolate company, Hershey’s, joined consortium AdLedger to make information accessible to their consumers through their blockchain advertisement and tracing platform. They will also be deploying blockchain technologies within their factory operations, to make it easy to trace their main ingredient cacao from the bean to the bar.
Provenance: Tracking The Journey with Logistics
The journey a commodity takes once it leaves the farm or manufacturer is complex. Logistical systems rely heavily on intermediaries, coordinating transactions and record keeping. The current method of manual data input is inefficient and allows room lots of room for error and fraudulent input.
For example, most “USDA Organic” foods are farmed in the United States but the demand far proceeds local supply. With a limited number of organic farmers in the US, organic commodities are often imported from as many as 100 different countries. However, it is difficult to prove the authenticity of organic certifications of foreign suppliers. These imported products are extremely vulnerable to fraud. There are many intermediaries involved in the logistics and transport of these commodities, each of whom could relabel conventional goods as “organic.” The motivation for tampering is substantial as a simple “Organic” label can substantially increase the value of each shipment.
“With the complex supply chain of organic grain, there are challenges.”
Miles McEvoy — USDA official,
Blockchain replaces the need for intermediaries and outdated paper ledgers with a tamper-proof digital system. This automated process enables a systematic approach to tracking a commodities lifecycle. Every time a commodity goes between facilities the transaction is digitally documented, creating a permanent and tamper proof history of that commodity. Provenance with GoChain makes it simple for you to verify the integrity of your supplier connections and prove the authenticity of certifications to consumers. You can now show the actually journey and story of your product in real time.
Transparency: Creating Brand Trust with Consumer
A recent survey by Trace One found that while 91% of consumers think it is important to know where their food comes from, only 12% trust the safety of food and only 10% trust the quality. Consumers are increasingly aware of the lack of transparency in brands and they are demanding access to more information. By integrating Blockchain companies are able to capitalize on transparency by creating brand trust and giving consumers the ability to make informed decisions as to what they are putting in to their bodies.
“It’s impossible to tell how food is grown, processed, and distributed before it reaches the point of sale where I casually put it in my shopping cart. I want to know where that food comes from. I want to know how it is produced. I want more information on the ingredients.”
— Kristen Adams, Trace One study participant
Blockchain allows your consumers to scan a brand label and not only verify claims, but also see the entire journey your product has taken. Therefor allowing them to be a part of your companies story. With GoChain you are able to increase marketing awareness by sharing your honest process and data-backed claims in a trustworthy and interactive way. Blockchain allows you to show the traceability of each batch or item through tracking tools and can allow you to create an time lined supply chain with data unique to each product allowing consumers to interact with its journey in real time. By offering transparency and provenance with blockchain you can use the quality, ethics, safety and environmental/social impact of your products to drive revenue to your business.
Want to increase revenue by building brand trust ?
Consumers are demanding brand trust and transparency. GoChain is leading the way with blockchain to enhance supply chain management systems .
We know that when implemented correctly, blockchain can help enterprises increase brand trust while also improving efficiency, cut costs, and increase revenue by creating new products and services. However many enterprises are struggling to implement the technology correctly simply because they don’t fully understand it. Let us help you.
GoChain’s core team of expert engineers and business professionals are dedicated to working with enterprise companies and mid-level businesses to build custom blockchain solutions.
Whether your business needs general consulting, professional education, or project architecture and implementation, GoChain will be your partner and help you and your team reach all of your milestones. Let our team of experienced blockchain professionals and consultants meet with you to discuss your desired business outcomes.
Contact our team of experts today at firstname.lastname@example.org
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