Trace – the brainchild of IBM and Gate2Chain – is a blockchain-powered platform that facilitates the creation and tracking of ‘digital twins’ across the entire supply and distribution chain.
At the recent London Blockchain Conference, Jessica Jaume (Operations and Business Development Manager at Gate2Chain) and Dr. Agata Slater (Business Transformation Consultant at IBM) demonstrated how a digital twin secured by the immutability of the blockchain allows physical items to be managed electronically in a way that is transparent to anyone interacting with the supply chain.
What are digital twins?
Building digital twins on the blockchain is a cutting-edge concept that involves creating a virtual replica of a physical object or system and securely storing it on a blockchain network. The digital twin is essentially a digital representation of its real-world counterpart, incorporating data collected from sensors and other sources.
By integrating this digital twin with blockchain technology, data integrity and security are ensured. The blockchain serves as an immutable ledger, recording all changes to the digital twin’s data, and providing a transparent and tamper-proof history of the physical object or system. This integration enables real-time monitoring, automated processes through smart contracts, and decentralised access to the digital twin’s data by authorised stakeholders, enhancing trust and collaboration in various industries.
This innovation holds promise in a multitude of applications, including supply chain management, where the movement of products can be tracked with unparalleled accuracy and transparency. In manufacturing, digital twins on the blockchain enable real-time performance monitoring of machinery, leading to predictive maintenance and operational efficiency.
Providing provenance and authenticity
Jaume explained that Trace provides provenance, authenticity, traceability and ownership have value. She added that Trace helps companies to improve and prolong their relationship with consumers, increase the value of their products, and enhance their brand recognition.
Creating a digital twin using the BSV blockchain eliminates the necessity for native tokens, miner fees, and the usual fluctuations seen in blockchain technology. With the Trace platform, users have the ability to generate a digital twin, similar to a token, for any object and securely embed crucial data within it.
By leveraging the unchangeable nature of the blockchain, having a digital twin makes it possible to electronically manage physical objects, ensuring transparency for all participants in the supply chain.
Through this digital twin, customers can verify and track the origin of an item throughout its entire journey, adding concrete value to the abstract concept of ownership. If an item is stolen, marking the digital twin as stolen renders the item useless to the thief, much like a stolen credit card becomes ineffective.
“Trace offers seamless integration with ERP or CRM systems, enabling the creation and updating of Digital Twin data. Trace also facilitates the connection to consumer information. With an integrated approach, the application acts as a central hub, bridging the gap between business systems and consumer applications,” said Slater.
A clear use-case: luxury food traceability
Gate2Chain recently demonstrated the power of its Trace platform at a high-end dinner function in London in May. Hosted by billionaire tech entrepreneur, Calvin Ayre, founder of Ayre Group, and curated by renowned Michelin star chef and co-founder of HIDE, Ollie Dabbous, guests were given a unique opportunity to trace the journey of the ingredients which were served.
Through a five-course dining experience, Ollie Dabbous and his team, known for their support of local producers and focus on seasonal ingredients, demonstrated how essential elements could be effortlessly traced and documented. This allowed diners to verify the origin and authenticity of the products they enjoyed.
However, Trace is not just limited to food products and can be across any supply chain in industries such as consumer goods, fashion, and manufacturing. The primary objective is to solve everyday problems for real-world businesses and simplify the integration of blockchain technologies into business processes, Gate2Chain says.
