B2B online marketplace ShelfNow launched blockchain integration on its smart platform on Monday (April 25th), in partnership with New Zealand software company Trackgood, to create what the company says is the world’s first compatible marketplace. with blockchain.
According to a report by a business leader, blockchain integration promotes transparency, sustainability, accountability and ethical operations because buyers can see who is involved in the supply chain by scanning a QR code on their smartphone. Documents available include tamper-proof images of the production process, profiles of those involved, quality certificates, batch numbers and travel documents.
“As consumers become more aware of and interested in ethical brands, buyers are increasingly demanding to work with transparent and ethical producers,” Philippe Linardos, co-founder and CEO of ShelfNow, said in the report. “Integrating blockchain technology will allow us to lead the way in enabling our buyers to discover like-minded producers and see proof of brands’ ethical claims.
“Additionally, we are excited to launch a program to help our growers bring blockchain technology to their small businesses – something that would be difficult for SMBs without our support.”
ShelfNow is launching a program to help producers implement blockchain into their operations as part of its ongoing efforts to support small and medium-sized enterprises (SMEs). Buyers, meanwhile, can also use market data to personalize their producer searches.
“It’s not enough for brands to have sustainability strategies alone, as they increasingly need to show consumers what they are doing for society and the environment,” said John Hussey, founder of Trackgood.
Hussey said 95% of the 5,300 home and family products “struggle to substantiate their claims of ethical production and 88% of consumers want brands to help them improve their social and environmental footprint.”
In January, cryptocurrency market and ecosystem start-up Kryptonect announced plans to launch “the Amazon of blockchain,” with a marketplace that allows consumers to purchase “tangible products” from anonymously on the Binance Smart Chain.
Related: Kryptonect envisions “the Amazon of blockchain”
London-based Kryptonect said its main components are an e-commerce marketplace and an independent marketplace that unearths the “most beneficial components of blockchain” with the rise of e-commerce.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022
On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.
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