Traceability — one of the most practical projects of cryptocurrency in today

The blockchain can solve many real-life problems because of its globalization, non-tampering, transparency, decentralization and so on. Such as decentralization of bitcoin currency, decentralized applications built on EOS tokens. But one of the most widely used applications among them is called “traceability”.
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1 . The source of traceability

This word can be broken into two words: trace and ability. which means that this technology exists to ensure the safety of the source of the product and reduce the risk.

So why things need traceability? The reason is simply that there are various kinds of fraud in the world today. Some scammers make huge profits by copying goods, and others swindle through the fake product to bully the business and earn profits. Over time, a grey business chain has naturally emerged.
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But that is extremely harmful to millions of companies and manufacturers around the world. Because of these frauds, many companies will reduce profits by 10%-30%, and will infringe on the patent rights of these people. And there are also unruly companies that will fake directly in the product. So in response to this situation, traceability came into being. Of course, this traceability is not a blockchain commercial system like omg token, but a basic traceability technique.
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2 . Traceability technology

There are roughly three types of traceability techniques:

One is RFID radio frequency technology, which is labeled with a chip on the product packaging. The product can be automatically collected and read in and out of the warehouse and transported, and the flow of the product can be recorded on the chip;

Another one is a QR code. Consumers only need to take a QR code through a mobile phone with a camera, and they can query the relevant information of the product. The records of the query will remain in the system. Once the product needs to be recalled, the SMS can be sent directly to the consumer. Achieve accurate recalls;
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There is also a bar code plus product batch information (such as production date, production time, batch number, etc.). In this way, the production enterprise basically does not increase the production cost.

But there is a big loophole in these methods, and that is centralization. Unlike lisk coin, a completely decentralized cryptocurrency, the entire centralized process can make documents tamperable, and suspected of being manipulated by the company itself.
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3 . Traceability of blockchain

The blockchain like TAC which with the traceability is quite different, mainly the following:

One is decentralization, which ensures that all records are kept by the blockchain network, not simply manipulated by some people; the second is trust, which ensures that all records can be kept highly Trust; the third is globalization, which can make the traceability technology out of the country’s limits, so as to truly trace the origin.

Moreover, the current blockchain traceability has been extended to the moment the product was first born. As long as the product is produced, it is followed by a record that cannot be tampered with. This technology is stronger than Bancor coin-liked currency and lands faster.
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The current traceability technology is mainly aimed at food, medicine and other necessities. I believe that by the time the technology matures, the entire traceability ecology will be established, and no one will be hurt by forged things. So from this perspective, I am very supportive and optimistic about the blockchain traceability technology.

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Note: This document with all the information in it is shared here to boost our knowledge of cryptocurrency , the original document can be found in Document Source

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