This means that supply chains for perishable goods such as food can be tracked from field to table, water from source to tap, device firmware from burn-in to upgrade and climate data from sensor to research to analytics. Context Labs has coined this physical/digital/virtual blockchain-enabled environment the "Supply Chain of Everything."
“This key functionality will further provide what the industry has coined the ‘birth certificate’ or ‘passport’ of physical things to be cryptographically encoded and tracked, from the point of inception through its end of life,” stated Dan Harple, CEO of Context Labs. “The IoT ImpactLABS acquisition strengthens our ProofWorks™ and Immutably™ platform to deeply enhance IoT/Blockchain integration, providing proof of the ‘birth certificates’ of things and data. It creates a verifiable proof of existence for the data or physical thing pinned to a particular point in time, with a ‘context proof’ in the interconnected network graph of supply chain partners.”
The proofs and the signatures are registered on one or more public ledgers or published on widely available media channels such as Twitter, Facebook, and so on. The Scrivener Ledger from Context Labs provides interoperability between multi-ledger registrations, insuring multi-layered secure veracity and provenance.
Commenting on the impact of the deal on the supply chain landscape, Bill McBeath, chief research officer at Chainlink Research, commented, “With the cost of sensors and connectivity continuing to plummet, IoT-enabled supply chains are poised for wide adoption across myriad applications such as traceability (for provenance assurance, anti-counterfeiting, regulatory, and so on), predictive maintenance, freshness/expiration, environmental monitoring, precise ETA, cargo security and much more. Combining blockchain and network graph analysis with IoT-enabled supply chains provides very high confidence in the transactions and highly granular tamper-proof visibility data.”