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29th September 2022  Product update: Wholechain HQ

Where Did That Come From? - Blockchain Based Traceability

Currently, many supply chain operations remain opaque across industry verticals. MIT Sloan has found that 81 percent of companies don't have full visibility into their supply chains and 54 percent have no visibility at all. Claims about sustainable, ethical, and responsible sourcing are hard to check for consumers, retailers, and auditors. This hurts sellers; 94 percent of consumers are more likely to be loyal to a brand that offers complete supply chain transparency. Supply chain management is still hard and expensive for distributors. The UN Food and Agriculture Organization (FAO) reports that supply chains cause 40 percent of food waste in North America.

Wholechain is a blockchain-based traceability solution that helps make supply chains more trustworthy, coordinated, and open. They have now partnered with the Algorand Foundation who offer a carbon-negative Layer 1 blockchain created by MIT professor and Turing Award winner Silvio Micali.

Wholechain and Algorand are filling the gap with blockchain-powered traceability that doesn't leave the carbon footprint that blockchain has been known for in the past. Businesses can use the solution to track products back to where they came from, see every step along the way, and check claims made about those products. In this partnership, Algorand will be the default blockchain for Wholechain's updated product (Version 4), which has a better user experience.

Starting in early September, Wholechain's team will help customers switch to the new version. Wholechain meets GS1 data standards like EPCIS and industry standards like the Global Dialogue on Seafood Traceability. This makes it possible for supply chains to share data from beginning to end. Robust APIs have also been added so that customers' businesses can integrate with them.

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Date Published: 29th September 2022

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Note: This content has been edited by a staff writer for style and content.

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