Blockticity recently made history by minting 275 million dollars in products on Avalanche. The startup is addressing 4.5 trillion dollars of goods with fraudulent paperwork in the supply chain.
It has minted certifications for hemp, kratom, and psychedelic mushrooms for ACS Laboratory. As the biggest cannabis and hemp lab in the eastern US, ACS Laboratory has a massive reach.
Now, Blockticity is helping the company leverage Avalanche to certify sneakers, sugar, meat, fruit, and more products. The approach brings more confidence to supply chains stretching across the world.
The first minting has allowed Blockticity to launch its COA (Certificate of Analysis) as an NFT verification system. As expected, the news has brought attention to every involved party. In fact, crypto traders have even started to look for an Avalanche prediction to assess whether the development will boost the coin.
As for the entire process, it begins with an examination by a third-party partner. The following stage involves Blockticity printing a QR code on each product. This code corresponds to a COA that was issued as an NFT on Avalanche.
Since these products are linked to an NFT, malicious parties cannot affect them. After the product reaches the vendors further down the chain, they can scan the code to ensure it is an Avalanche NFT. It proves to them that the certification is authentic, assuring the product’s genuineness.
ACS Laboratory has issued 36,750 COAs with the assistance of Blockticity. This quantity of COAs has a value of $275,625,000. ACS tested the 36,750 samples before being sold in the United States. According to ACS Laboratory, the majority of its upcoming 120K COAs will be for cannabis.
According to the CEO of Blockticity, Mike Coner, the startup is harnessing Web3 for tracking throughout the supply chain worldwide. Avalanche enables on-chain product authentication and also secures client metadata.
The network also offers a scalable solution for the global economy. According to the CEO, Avalanche is helping Blockticity reach new heights across the market.
Roger Brown, president of ACS Laboratory, also expressed delight at again joining forces with Blockticity. According to him, technological advancement permits any COA viewer to trace the document’s origins and identify any discrepancies. The Avalanche blockchain could pave the way for a comprehensive global tracking mechanism, bolstering the credibility of certification procedures.