According to a statement, thousands of certificates confirming the validity of almost $275 million worth of hallucinogenic mushrooms, cannabis, and kratom have been issued as NFTs.
Blockticity, a company in goods certification, said it has created NFTs via the Avalanche blockchain to confirm the legitimacy of products examined by ACS Laboratory, as the firms stated in a joint statement. It further stated that ACS Laboratory is the biggest hemp and cannabis lab in the eastern United States.
Kratom has been regarded as a natural remedy with potential opioid-like effects.
According to the firms, ACS Laboratory and Blockticity have created a total of about 37,000 non-fungible tokens that serve as certificates of analysis, or COAs, for the items. They also stated that 120,000 more COAs, largely for cannabis goods, will be printed.
The procedure involves testing the items at the ACS Laboratory before issuing a COA. Then, using Avalanche’s C-Chain, Blockticity constructed a QR code for the COA as an NFT.
The aim is that Blockticity’s COA NFTs will increase the accuracy and dependability of both tracking and authenticating items.
The foundation of Blockticity’s business approach is the notion that fraud is pervasive in the “certification industry” and that the problem is made worse by inefficient techniques for monitoring items throughout various supply chains.
“Fraudsters can exploit laboratory COAs through QR code tampering, visual modifications, and data alterations,” the companies stated. “Blockticity’s solution aims for COAs to have consistent, verifiable proof by anchoring them to Avalanche.”
Worldwide supply chain
The intention is to broaden the scope beyond this specific project with ACS Laboratory and include “consumer electronics, apparel, agriculture, seafood, and other sectors,” according to Blockticity, which added that further initiatives are anticipated to make their appearance later this year.
According to the company’s CEO, Mike Coner, “Blockticity’s primary goal is to harness Web3 for tracking products across the global supply chain.” We employ Avalanche because it permits on-chain product verification, protects client information, and provides a scalable answer for the global economy.