The Stin — a gin distiller in Austria — plans to use ICON (CX), the largest public blockchain project in South Korea, to enhance supply chain transparency, according to a recent Medium post from an Austrian blockchain firm called block42.

RELATED: HOW BLOCKCHAIN TECHNOLOGY CAN TRANSFORM THE ECONOMY

Blockchain to certify rarity for gin distiller in Austria

The Austrian blockchain firm called block42 will combine near-field communication (NFC) technology with the ICON blockchain to optimize its tracking system security, reports Cointelegraph.

NFC chips and devices serve as electronic identity documents and keycards, and at present are used in contactless payment systems and mobile payments services capable of replacing credit cards.

To shore up The Stin’s supply chain, block42 plans to outfit 999 bottles of the distiller’s limited-edition gin with advanced, crypto-enabled NFC chips. These will allow consumers to scan purchased bottles to verify authenticity — and even track how many of the limited edition series of gin bottles are still in the market.

NFC chips may improve public trust in luxury product

ICON Founder Min Kim said he was in strong support of using the ICON blockchain to track scarcity, in an official statement. To him, applying blockchain technology will help preserve “the high value of limited editions and other rare goods” via increasingly reliable tracking systems.

Adapting ICON’s network to function with NFC and other technologies could improve public trust in the ongoing scarcity and consequential value of luxury assets, added the company, according to Cointelegraph’s report.

Blockchain could serve as crucial infrastructure document

And this goes far beyond gin distillers. Enterprises and developers have long understood blockchain’s potential to become a crucial aspect of infrastructure — capable of providing reliable documentation and circulation of luxury goods, in addition to verifying ethical tautness.

Outside the world of luxury goods, blockchain typically assists technologies in the Internet of Things — automating supply and management. Blockchain has also seen increasing use as a tool to guarantee the safety and traceability of food, with Walmart, for example.

(Excerpt) Read more Here | 2020-09-23 12:09:42
Image credit: source

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