Internet of Things (IoT) platform EVRYTHNG has teamed up with distributed ledger technology (DLT) company IOTA to make the supply chain for consumer goods more transparent and easily trackable for customers.
On its official blog (Apr 17), EVRYTHNG co-founder and CTO Dominique Guinard said that the collaboration will see technical integration between IOTA’s DLT protocol, called Tangle, and its Blockchain Integration Hub. With this, consumer product brands will be able to experiment with the capabilities of blockchains while relying on scalability, interoperability, and maturity provided by the platform.
EVRYTHNG sees this integration is especially useful for IoT and supply chain use cases, such as transparency and provenance for consumers, and real-time data sharing between supply chain partners.
EVRYTHNG says that its aims are to create a responsive and trackable identity for consumer goods by applying standardized IoT and DLT to create better transparency for both consumers and supply chain stakeholders.
IOTA’s Tangle is unique because it does not operate with “blocks” or mining but a “directed acyclic graph” (DAG), which is a topologically ordered system that runs different transactions on different chains in the network.
Both EVRYTHNG and IOTA pointed out the fact that the present supply chain system for consumer goods lacks transparency. As supply chains are often based on centralized intermediaries, this will sometimes tamper with product sourcing data, causing fraudulence.