SNEAK PEEK
- Avalanche & Blockticity use NFTs to certify $275M in medicinal psychedelics and cannabis.
- Blockticity combats NFT fraud with a secure module for CLIA-licensed products.
- Avalanche’s blockchain ensures tamper-proof, verifiable certificates for medical supplements.
In a notable collaboration, Avalanche (AVAX) and Blockticity, a burgeoning blockchain startup, have forged a path in utilizing Non-Fungible Tokens (NFTs) to certify $275 million worth of medicinal psychedelics and cannabis. The alliance seeks to instill confidence among consumers and stakeholders by providing verifiable certificates of authenticity (COAs) for a substantial batch of cannabis, magic mushrooms, and kratom products, all earmarked for medicinal applications.
Blockticity prints a QR code on the products following third-party testing. This code links to a Certificate of Analysis, minted as an Avalanche NFT.
Scanning the code shows the NFT and that the certification is authentic, giving confidence to vendors, patients, and consumers.
— Avalanche 🔺 (@avax) October 5, 2023
Blockticity, with its innovative approach, aims to mitigate the prevalent fraud in the NFT sector. A spokesperson elucidated that the challenge is magnified due to the ineffective tracking of goods across multifaceted supply chains. Consequently, the startup has developed a robust, secure NFT module for the CLIA-licensed laboratory’s products, ensuring higher authenticity and traceability.
We are very excited to be working with the @avax team on this! https://t.co/JkBn1vaXpX
— Blockticity (@blockticity) October 5, 2023
Moreover, blockchain technology, particularly Avalanche’s platform, plays a pivotal role in this endeavor. While traditional methods like QR codes and visuals have been employed to authenticate and track approved medical supplements, Blockticity’s solution anchors COAs to Avalanche, providing consistent, verifiable proof. Since blockchain records are immutable, it significantly reduces the potential for fraudulent tampering with the certification.
Additionally, these NFTs are connected to a QR code on the physical product and involve meticulous third-party testing. This strategy enhances confidence among medical patients, ensuring they receive ACS Laboratory’s premium products, which are now backed by verifiable, blockchain-anchored data.
In the initial issuance of COA NFTs, ACS Laboratory and Blockticity have minted 37,000 tokens. These are securely housed on Avalanche’s C-Chain as non-fungible tokens and are effortlessly traceable via the associated QR code.
Moreover, the hemp laboratory has outlined plans to broaden the project. An additional 120,000 NFT certificates for cannabis products are slated to be introduced by the year’s end, further expanding the scope and impact of this innovative solution in the medicinal psychedelics and cannabis sectors.
“We use Avalanche because it enables on-chain product authentication while safeguarding client metadata and offering a scalable solution for the worldwide economy. Avalanche propels us to heights we previously deemed unattainable.”
Mike Coner, CEO of @Blockticity
— Avalanche 🔺 (@avax) October 5, 2023
However, the implications of this partnership extend beyond mere certification. It marks a significant stride in leveraging blockchain technology to enhance transparency, accountability, and verifiability in medicinal products, particularly those historically susceptible to fraudulent activities.
