Foundations of Blockchain

Blockchain as a solution

We've already come across the concept of proof of ownership in Chapter 7, Diving into Blockchain – Proof of Ownership. As a reminder, proof of ownership uses digital identity and digital assets to track the provenance of any asset using a public ledger. Similarly, each entity in the supply chain will have a digital identity that can own an asset at any given moment. A sophisticated solution to provenance tracking using blockchain will have the following stages:

1. The supply chain entities register as participants in the provenance tracking system
2. A digital asset with a unique identity will be created by the initial supplier, who often supplies raw materials
3. The asset is then transferred to the next supplier or manufacturer, ...