The world-famous musician Peter Gabriel has invested an undisclosed part of his significant wealth in the British startup Provenance, which is developing a blockchain solution for the tracking of products along a supply chain.
According to the Provenance press release, Gabriel has joined an existing group of investors, led by Working Capital Fund, including Digital Currency Group, Merian Ventures and Plug and Play to continue the product’s expansion.
Provenance says it plans to use the funding for “setting a new standard for consumer trust in the food sector by implementing its blockchain-backed solution with over 1000 food and drinks businesses by 2025.” According to Jessi Baker, CEO of Provenance, the company’s solution offers tools to meet the business need for more trustworthy supply chains and empower shoppers to make better-informed decisions and a positive impact.
The Provenance product would gather and provide information on whether the product is sourced in an ethical and environmentally-friendly way, what its origin and history are, etc. - information that, according to various researches, is of increasing relevance to shoppers.
"We need to be able to trust the source and distribution chain, particularly when it comes to guaranteeing that things are produced ethically and in an ecologically sound way,” said Peter Gabriel who is a prominent activist of various humanitarian and ecological causes.
“I am convinced that the service Provenance provides, using their blockchain data system, is going to find a big role going forward and will be of great use to the consumer and provide a level playing field for smaller, independent producers on which to compete with the big players. Jessi Baker and her team are very impressive and I fully expect them to do really well,” Gabriel added.
In addition to his musical career, Gabriel is known for his involvement in various projects alongside the likes of Bob Geldof, Nelson Mandela and Richard Branson and has received numerous awards and honors, both for his musical and humanitarian work.
Photo credit: Darren_gerrish (instagram)
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