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By Jordan Lyanchev - CryptoPotato
Cardano aims to fight counterfeit products by enhancing traceability with the release of a blockchain-based supply chain solution.
The Cardano Foundation has partnered with a goods and products platform providing digital brand protection – Scantrust – to launch a supply chain traceability and anti-counterfeit solution. The first implementation saw the light of day with a Georgian artisan wine producer.
The independent Swiss non-for-profit organization behind the popular Cardano blockchain announced its latest milestone earlier this week. After revealing the initial prototype in December 2020, the entity highlighted the official launch of the supply chain solution working together with Scantrust.
The concept plans to enhance traceability and consumer engagement for all types of businesses – from small and medium enterprises to Fortune 500 behemoths.
Essentially, the project enables brand owners to leverage the traceability and targeted data functions of Scantrust’s physical QR codes with the “speed and low cost of the Cardano blockchain.”
Baia’s Wine, a Georgian artisan wine producer, is the first major name to implement the concept successfully. As a family-owned vineyard exporting to more than a dozen countries, Baia’s Wine will connect metadata on the Cardano blockchain to unique and traceable Scantrust QR codes on its bottles intended for international markets.
The utilization of the supply chain solution should allow for “detailed data visualization built from every touchpoint and interaction along Baia’s Wine supply chain journey.”
Some prior estimations determined that over 3% of global trade involves counterfeit products. To put this percentage in a USD perspective, it could go to nearly $3 trillion by next year.
The statement outlined this implementation as the first proof of concept project that Cardano has deployed for commercial purposes. It became possible upon the development of an authentication and verification solution allowing the Cardano blockchain to be used as a public audit platform.
Frederik Gregaard, the CEO of the foundation, outlined “empowering trust and transparency across all industries and digital agreements” as the organization’s primary goal with this solution.
“We have worked tirelessly with Scantrust to deliver the first solution of its kind to leverage metadata on the Cardano blockchain. Together with Scantrust, we are helping brands to reconnect with their consumers, increase transparency in their supply chain, and fight counterfeit activity.” – he concluded.
The original article was written by Jordan Lyanchev and published on CryptoPotato
