- Avalanche’s C-Chain now stores close to 37,000 digital certificates via NFT.
- The largest cannabis lab in the East USA plans to roll out 120,000 COAs.
- Avalanche (AVAX) whips up 9% gains to become the top gainer of the day.
Avalanche (AVAX) has inked a deal with Blockticity, a blockchain startup that mints NFTs to use as certificates of authenticity. These certs include the digital verification of $275 million worth of psychedelic mushrooms, hemp, and kratom. This is done in order to authenticate a large batch of cannabis, magic mushrooms, and kratom products for medicinal purposes.
Mapping Real-Life Goods via NFTs Erases Issues
Blockticity believes its certification will allow patients and owners of the goods to easily distinguish between real and fake products.
The startup aims to tackle the rampant fraud in the NFT sector: “the issue is exacerbated by ineffective methods of tracking goods across multiple supply chains,” said a spokesperson familiar with the matter. As a result, Blockticity came up with a hard-to-hack NFT module for the CLIA-licensed laboratory’s products.
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That’s where blockchain technology comes in to help. While QR codes and visuals have been used for authenticating and tracking the approved medical supplements, “Blockticity’s solution aims for COAs to have consistent, verifiable proof by anchoring them to Avalanche.” As blockchain records are unerasable, this allows very little room for fraudsters to tamper with the certification.
How Does the Digital Certificate NFT Work on Avalanche?
These NFTs are linked to a QR code on the physical product and involve third-party testing, raising confidence for medical patients who are looking for effective treatment with ACS Laboratory’s top-notch products.
In the inaugural bath of Certificate of Analysis (COA) NFTs, ACS Laboratory and Blockticity have minted 37,000. They are now located on Avalanche’s C-Chain as non-fungible tokens and are easily traceable via the linked QR code.
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The hemp laboratory also plans to expand the project with another 120,000 NFT certificates for cannabis products, which will be introduced by the end of the year.
On the Flipside
- According to Avalanche’s official tweet about the certifiable NFTs, the current market of counterfeit goods flowing through the world economy is nearing $5 trillion.
- A trustless, blockchain-based certification system for medical products can gradually erase such issues, restoring the confidence of merchants, patients, and consumers.
Why This Matters
This brings a major use case for NFTs as certificates to verify authenticity and track traits of medically appropriate products.
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