If we imagine the best-case scenario, where all actors are handling their keys with care, and a system works to somehow produce an immutable, always consistent log of all actions, I still don't see how this will be usable for most products. You basically also need an immutable link between the physical product and some kind of cryptographically provable ID in this magic log.

When receiving an item you want to check the provenance of, you need some way to securely identify the product in the log. Otherwise some bad actor along the way could unlink the actual product from the ID in the log, for example by duplicating and stealing a known-good ID, yielding all the provenance information useless.

I guess this could work for electronic products where you could deeply embed something like a TPM that could provide this ID securely (which would be to expensive to extract to make it worth duplicating), but for something like a shipment of steel or even worse coal/oil/grain etc, I don't see how this would work.