Technology overview
Blockchain.
Is a digital, decentralized, and distributed ledger, which records and adds the transactions in a chronological order in order to create permanent and tamper-proof records. It is combined by different methods, techniques, and tools to solve a specific problem. It has the ability to increase transparency, increase the immutability of transactions, and enhance trust among stakeholders in the food supply chain.
Blockchain can help to store the product trace by keeping the information on the ledger by the physical owner of the asset. This authentication brings more certainty and interoperability on the data stored about the asset, in turn that becomes more valuable.Usually a customer will scan a tag (QR Code or NFC) applied on a product to access its traceability information stored on the blockchain. By verifying information customers are involved in anti counterfeiting products, verifying the trace and preventing them from harmful fake products.
Tokens.
In the context of blockchain, tokens are chunks of information stored on the blockchain that can use the IPFS file system to attest a file ownership. In token and transaction, metadata can be used to give additional information . All transactions and wallets are stored on the blockchain and possess unique addresses.
tokens are used to protect the information integrity along with the supply chain and represent product ownership between supply chain stakeholders.
Tokens Bound.
Cardano uses PolicyID to protect the minting and modification of the token. The PolicyID is a 24 words seed phrase that creates a hash and defines the token minting policy. Cardano policy ID can be used to directly identify the token issuer since the seed phrase is really hard to recover from the hash.
Metadata can be used to give additional information . All transactions and wallets are stored on the blockchain and possess unique addresses.Metadata can be used to point to other transactions that themself point to an asset. Combined with the PolicyID this system can efficiently protect and connect two tokens. A use case: tokenA issued by A refers to the B policyID to mint new token. TokenB mint by B can refer to the address of tokenA. In this situation the tokenB and tokenA refer to each other creating a bound.
Digital Twin.
Digital Twin is a digital representation of a physical product that mirrors its states, behavior, position across the supply chain. Permissionless blockchain tokens keep the information integrity of a product from cradle-to-grave and at every transfer or transformation. Minting and trading tokens in equivalent quantities can help to track the quantity produced and distributed backward and forward along the supply chain and add information in the transaction metadata
Digital twins help for products to be synchronized to one different database by querying the same blockchain. Using metadata data standards in token and transaction, tokens improve the interoperability between database and application. It removes the cost of data architecture and development making the blockchain traceability more accessible.
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