Blockticity Tackles $4.5 Trillion of Fraudulent Supply Chain Goods, Issues $275 Million in Avalanche Certifications
In a groundbreaking move to combat fraud and ensure the authenticity of products in the supply chain, Blockticity, a dynamic startup, has taken a significant leap forward by minting certifications for $275 million worth of goods on the Avalanche blockchain. This initial minting, covering products such as hemp, psychedelic mushrooms, and kratom, is a joint venture with ACS Laboratory, the largest hemp and cannabis laboratory in the eastern United States. Blockticity aims to extend its certification services to a wide range of products, including sugar, sneakers (scheduled for Q4 2023), fruit, meat, and more, bolstering trust in global supply chains.
What sets Blockticity apart is its innovative Certificate of Analysis (COA) as NFT verification system. After thorough testing by third-party partners, Blockticity prints a unique QR code on products. This QR code leads to a COA minted as an Avalanche NFT, which is immutable due to the inherent properties of blockchain technology. This unchangeable NFT acts as a tamper-proof seal, assuring vendors, patients, or consumers that the certification is genuine and reliable.
The partnership with ACS Laboratory marks a significant milestone for Blockticity, as ACS Laboratory has already minted 36,750 COAs on Avalanche’s C-Chain, with a retail value of $275,625,000. These NFTs verify that each of the 36,750 samples has undergone third-party testing, a mandatory requirement before sale in the United States.
In addition to cannabis, Blockticity aims to serve a multitude of industries, including consumer electronics, apparel, agriculture, seafood, and more. Fraudulent certifications are a widespread issue across various supply chains, with studies revealing that 36% of seafood is mislabeled. The rapidly growing cannabis sector, in particular, has been grappling with fraud-related challenges.
One of the significant reasons Blockticity chose Avalanche as its blockchain platform is its robust security features, permissioned data availability, and the scalability potential offered by Avalanche Subnets. While currently on C-Chain, Blockticity plans to migrate to its Avalanche Subnet to further enhance its capabilities.
Mike Coner, CEO of Blockticity, expressed his excitement about the venture, saying, “Blockticity’s primary goal is to harness Web3 for tracking products across the global supply chain. We use Avalanche because it enables on-chain product authentication while safeguarding client metadata and offering a scalable solution for the worldwide economy. Avalanche propels us to heights we previously deemed unattainable.”
John Nahas, VP of BD at Ava Labs, the parent company of Avalanche, lauded Blockticity’s solution, stating, “Product certification and traceability are two promising areas that have long been ripe for disruption by blockchain. Blockticity’s solution leverages the speed and security of Avalanche to unlock this promise. We’re thrilled that Blockticity has joined forces with ACS Laboratory to mint blockchain-backed certifications for hundreds of millions of dollars of consumer products.”
Roger Brown, president of ACS Laboratory, shared his enthusiasm for the partnership, saying, “This technological leap allows any COA viewer to trace its origins and detect any discrepancies. This venture could pave the way for a comprehensive global tracking mechanism, reinforcing the credibility of certification processes, backed by the Avalanche blockchain.”
Blockticity’s mission extends beyond hemp and cannabis, offering a reliable solution for various industries vulnerable to deceit and counterfeiting. This innovative approach has the potential to revolutionize supply chain verification, ensuring consumers receive authentic and trustworthy products.
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