Provenance, the leading transparency platform for brands and one of the companies on Mishcon de Reya's M:Tech programme, has been awarded the prestigious “Blockchains for Social Good” prize from the European Commission to continue its work enabling supply chain and impact information to be communicated and digitally authenticated through their pioneering software.
Jessi Baker, Provenance founder and CEO, said: “I think how a brand impacts the environment and society will be core to why we trust them in the future. Green, fair and transparent must become the fastest growing trend, otherwise, our planet is in trouble.
"For us, the next frontier is impact transparency with integrity. We’ve seen companies show us their factories and some impact information, which is great, but with many brands opening information to their customers, we need consistency and proof that what they say has impact.
"We created Proof Points during the Blockchain for Social Good prize period, to enable commitments, impact progress and claims to be digitally authenticated in a straightforward way we can all understand and trust. This will enable the brands of the future to win."
Anne Rose notes: "While development of the tools available in the blockchain space has grown in the past few years, the lack of privacy and scalability on public chains is still prohibitive to end-to-end tracking. Enabling consumers to make decisions based on proper certifications (whether it be social or environmental or otherwise) at their finger tips rather than simply price or convenience is incredible exciting."
Provenance intends to use the prize to accelerate its progress in developing open, decentralised and scalable solutions for bringing supply chain information to the public – establishing a network layer of trust and driving impact-led commerce.