INNOVENGER – Blockchain Technology Primer

“The Innovenger seeks out the creative, the idealist and the actionable. They are driven by their desire to create and make the world a better place. Their passion fuels the relentless pursuit for innovation and adventure. The Innovenger advocates and shares their ideals in deep conversations and listens to others.”

Innovenger is a startup born in Milan during the Summer 2018, aiming to support Fashion, Luxury, Retail & Consumer Goods companies in their path towards innovation, digital and multichannel experiences.

These are industries where transparency, trust and provenance matter most. If you as a consumer are willing to acquire expensive item(s) from these industries, then you need to get assured about the provenance / quality of the product(s) as well any process that “touched” them: this is going to be more and more a key valuable component in your shopping – buying experience.

Providing the final customers with the complete awareness of all the product/item(s) related info gives the producer a key competitive advantage to address many of topics / challenges affecting the sectors resulting in an outstanding Marketing vehicle too:

• Sourcing and Processing Info availability at item level (not only at product level)
• Supply Chain Tracking
• Trust and Producers Reputation, Identity too
• Perceived value and therefore premium pricing
• Branding and positioning
• Counterfeiting and Fraud

A company that is able to embed this set of itemized info on “product nearby labels” acquire a huge competitive advantage to be leveraged in any of the marketing / positioning propositions that is going to expose.

Innovenger identified Permissioned Blockchain as the right technology to go for “storing” the information along all the item(s) lyfecicle, from farm-field to shelf-customer. QRcodes and IoT will enable the process automation in many of the steps, contributing to reduce the “last mile problem” in connecting the physical world to the digital.

The solution will be proposed to the client companies in a “Blockchain-as-a-service” model, that will reduce the technology barriers to the adoption “democratizing” the access to blockchain

Additional to the pure production and supply chain tracking, Innovenger designed additional use cases implemented on the solution to further improve the shopping experience for the final customers and therefore the value they recognize.

Significant examples are the following:

• Creating comprehensive reports by integrating the itemized info stored on blockhain (source, batch, supply chain, etc…) with quality static info from traditional websites: e.g. the  generic product details (that are common to all the items for that product), marketing, stories, suggested recipes, matching wines, …The combined report set will be accessible to the final customers by scanning the QRcode on their smartphone creating a truly differentiating marketing impact
• Tracking the change of ownership for the items on the blockchain will enhance the anti-theft characteristics as well as creating the basis for insurance smart contracts. Self service registration on customers’ smartphone will be enabled together with the clienteling app for the store operators.
• Integrating the writing of the “change of ownership” transaction on the blockchain following the credit card payment both online and in store (Payment using cryptocurrencies, not yet mature at this stage in a consumers environment – could be added then).