Originally spotlighted by the rise of cryptocurrencies, blockchain is beginning to see applications across various sectors of the global economy.
This technology, known for its decentralization, data immutability, and transparency, is proving versatile beyond its initial recognition in the Fintech, banking, and cryptocurrency arenas. Today, it’s also making strides in sectors like Agrifood, where Italy is developing several projects.
Not only are major brands adopting blockchain, but small and medium-sized enterprises are also leveraging the technology within their supply chains to track products and ensure process transparency. The R.O.U.G.E project (Red Orange Upgrading Green Economy) is one such initiative, which aims to guarantee the authenticity and integrity of Sicilian red oranges, both in Italy and internationally, through blockchain.
The benefits of blockchain extend beyond technological and production aspects to include communications. Companies utilizing blockchain inherently project an image of innovation, technological receptiveness, and modernity. Furthermore, the new possibilities enabled by blockchain are creating scenarios that enhance corporate communication.
With this technology, it’s possible to certify various operations, such as product traceability at every stage, providing consumers with verified information and creating a narrative for each product unit. In communication terms, this equates to a detailed certification of the phases involved in the creation of a consumer-purchased product. Blockchain facilitates trust-building with customers due to its tamper-proof nature.
Counterfeit goods, mislabeling, and non-compliance issues could become obsolete. Customers will be able to know their product’s story, whether it’s a box of pasta, a chandelier, or a single coffee capsule.
Companies have realized that adopting this technology can give them a competitive edge in gaining consumer trust. In 2019, Barilla, Lavazza, and other Agrifood sector players implemented blockchain for product supply chain traceability.
Lavazza offers a fresh example with its “La Reserva de Tierra Cuba” coffee blend. This first blockchain-tracked product allows consumers to follow the coffee’s journey from Cuba to their cup by scanning a QR code. To stay competitive, companies must adapt to and develop this technology within their operations, as consumer attention has shifted towards product traceability and quality assurance. Blockchain is set to become a foundational technology for enterprises due to its inherent nature and technological predisposition.
Blockchain provides companies with a means to narrate a product’s journey from raw material to finished good. This translates into an opportunity for companies to compellingly tell their product’s story, capturing customer interest and attracting new ones.
The story told through blockchain has a fundamental advantage: it’s true. It cannot be falsified or fabricated; it can only be recounted as it occurred. This offers consumers the chance to learn the genuine origin story of their prospective purchases. Marketing departments will then make these stories accessible, engaging, and immersive for customers, all backed by a technology known for its immutability. Consumers will know that a product was indeed produced as described.
The vast amount of data and the authenticity of the information in the blockchain act as a guarantee for consumers, empowering them to choose products based on previously inaccessible information that’s now crucial. Especially for Generation Z, the most idealistic in recent decades and heavily involved in ethical causes like environmentalism, blockchain emerges as an effective communication tool because it provides the information these consumers seek.
Through the creativity and dedication of companies and professionals who identify customer needs that blockchain can address, the technology’s applications will continue to evolve. Agencies and professionals will need to effectively communicate the advantages a particular blockchain brings to a product. Blockchain will increasingly become a key element for companies, both technologically and communicatively. Its characteristics and revolutionary technology will reveal the true “behind the scenes” of our favorite brands, fostering a closer trust bond based on factual data and information.
Consequently, it’s essential for companies to employ professionals trained in the various aspects of blockchain and its uses. Specialized institutions like Blockchain School of Digital Coach will become integral to a comprehensive development process, offering targeted courses that explore all dynamics and future possibilities for employment in this emerging field.