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An Austrian company, Block42, will combine NFC technology with the ICON blockchain to optimize tracking system protection. The NFC chips and devices operate as electronic identification and key cards. As a result, NFC chips will serve to replace credit card payment and mobile payment systems.
Block42 will fit 999 bottles with crypto-enabled NFC chips in Stin’s distillery supply chain. This allows customers to scan the flasks to verify their authenticity of bottles. Additionally, consumers can also monitor the number of bottles in the limited edition collection. The Stin is a gin distiller from Austria that can monitor its supply chain transparently using ICON (ICX). However, the ICX blockchain is South Korea’s largest public blockchain project.
ICON creator Min Kim said in an official statement that he was firmly in favor of the use of ICON for the monitoring of scarcity. Kin claims that technology can provide a key means by means of more accurate tracking systems to maintain “the high value of limited editions and other rare products.”
Configuring the ICON network to communicate with NFC and other technologies, the company says, will help to preserve public faith that luxury assets remain scarce and of the importance they serve. The news confirms blockchain technology usage in the supply chain industry. Similarly, the OpenSea market for collectible digital items recently introduced a draft to use non-fungible tokens to represent diamonds.
Developers and companies recognize blockchain as a powerful infrastructure that supports secure documentation and delivery and authenticates its roots. The technology is able to function in several other industries. For instance, outside the world of luxury goods, blockchain combines technologies like the Internet of Things (IOT) to automate and manage the supply line. This is popular with retail giants like Walmart as an instrument that guarantees food safety and traceability.