Iota and internet of things (IoT) firm Evrythng announced a partnership to combine and apply their distributed ledger and IoT technologies to provide greater transparency for consumer goods supply chains. The news was WDS_LINK_PLACEHOLDER_4a908a7d19eaf4bb0f999ada8ee3c51e in a press release on April 17.
According to the press release, Evrythng’s focus is to implement IoT and DLT technology to create unique, interactive and trackable identities for consumer products, with the aim of fostering greater transparency for both supply chain stakeholders and consumers.
Tangle is different from blockchain in that it does not use “blocks” or mining, but rather is built upon a directed acyclic graph (DAG), a topologically ordered system in which different types of transactions run on different chains in the network simultaneously.
Both partners highlight the lack of transparency and trust that besets the current supply chain system for consumer goods, given the reliance on centralized intermediaries that can potentially omit or tamper with data on products’ sourcing and provenance.
By including Iota integrations within the Evrythng Blockchain Integration Hub, the collaboration will aim to leverage Iota’s trusted, permissionless and decentralized environment and feeless micro-transactions structure to address these challenges.
An accompanying blog post published by Iota on April 17 outlined the approaches the two partners have been pursuing, whereby data is collected and attached to a products’ digital identity, and simultaneously hashed and stored on the Iota Tangle. The post notes that consumers will be able to scan the digitized products with a smartphone to show the relevant data.