Blockticity Enables Rare Asset Minting on Avalanche Blockchain

Through Blockticity, a startup that focuses on providing certificates of authenticity for possessions through blockchain, thousands of certificates have been minted as Non-fungible tokens (NFTs) on the Avalanche (AVAX) blockchain. These documents were minted to prove the authenticity of about $275 million worth of psychedelic mushrooms, hemp, and kratom.

These products were initially tested by the United States hemp and cannabis lab, ACS Laboratory. The minting was carried out through the product’s Certificate of Analysis (CoA) as an NFT verification system. 

Curbing the Activities of Fraudsters in Supply Chain 

Together, ACS Laboratory and Blockticity have minted a total of 37,000 NFTs that serve as CoA for the products. Moving forward, the company plans to mint an additional 120,000 CoAs for more cannabis-related products. According to the company’s website, these products are currently faced with supply chain challenges. 

There is also the issue of fraud in the certification industry which is believed to be growing due to the presence of ineffective methods of tracking goods across multiple supply chains. 

“Fraudsters can exploit laboratory COAs through QR code tampering, visual modifications, and data alterations,” the companies said. “Blockticity’s solution aims for COAs to have consistent, verifiable proof by anchoring them to Avalanche.”

Blockticity CoA NFTs to Improve Goods Tracking

Therefore, it plans on exploring Blockticity’s COA NFTs to improve the tracking and verification of product authenticity and to ensure that the results are more efficient and trustworthy. 

The process involves an initial testing process by ACS Laboratory before a CoA is issued. Afterward, Blockticity creates a QR code of the CoA which has already been minted as a digital collectible using the Avalanche’s C-Chain.

Blockticity to Expand to Other Sectors 

There are also plans to expand this initiative beyond the present collaboration with ACS Laboratory. Per a statement from Blockticity, the intended expansion which is expected to debut this year, will cut across “consumer electronics, apparel, agriculture, seafood, and other sectors.”

This further underscores Blockticity’s primary goal which is to harness Web3.0 for tracking products across the global supply chain. The decision to leverage the Avalanche Layer-1 blockchain is hinged on the fact that it “enables on-chain product authentication while safeguarding client metadata and offering a scalable solution for the worldwide economy.”