Thanks to cutting edge technologies the world has become a global village. However, globalization made it easier to break the laws. Unfortunately, it is not an easy task to deal with such cases. Importantly, companies in different parts of the world are trying to come up with the best solution. For example, an Austrian-based gin distiller decided to use blockchain to guarantee bottles’ rarity. It makes sense as this way it will be easier to protect their products.
Interestingly, the Stin is set to use South Korea’s largest blockchain project ICON, to transparently track its supply chain. It is worth noting that, an Austrian blockchain firm, block42 will combine near-field communication (NFC) technology with the ICON blockchain. As a result, it will be possible to maximize the security of the tracking system.
Blockchain and rare goods
Importantly, NFC chips as well as devices function as electronic identity documents and keycards. They are currently used in contactless payment systems and mobile payment services that replace credit cards.
Notably, for the Stin’s supply chain, block42 will be fitting 999 bottles of the distiller’s limited-edition gin with crypto-enabled NFC chips. As a result, customers will be able to scan bottles to check their authenticity. Moreover, it will be possible to track the total number of bottles still available in the limited edition series.
Thanks to South Korea’s largest blockchain project ICON, the gin distiller has the ability to protect its products. Notably, technology can offer a key way when it comes to preserving the high value of limited editions and other rare goods.
Configuring the ICON network to interact with NFC and other technologies can help maintain public trust in the rare goods. It makes sense, as when the customer pays a lot of money for the high-quality gin, they want to know the details. Blockchain has the potential to support the reliable documentation and circulation of luxury goods.