Blockticity, an emerging startup specializing in blockchain-based certificates of authenticity, has made a significant move by minting certifications worth $275 million on the Avalanche Layer 1 platform. This initial minting notably includes products like hemp, psychedelic mushrooms, and kratom.
Blockticity's Certificate of Analysis (COA) is represented as a non-fungible token (NFT) verification system. With the initial minting covering hemp, psychedelic mushrooms, and kratom, ACS Laboratory, a major U.S. hemp and cannabis lab, is the primary beneficiary. Given the challenges in ensuring supply chain transparency within the hemp, cannabis, mushroom, and kratom industries, this initiative provides a solution by confirming potency and ensuring the absence of chemicals or pesticides in products.
The primary objective behind this minting drive is to boost traceability. Users can now trace the COAs back to the original laboratory, access accurate test results, and effectively thwart fraudsters from manipulating COAs via QR code tampering or data modifications.
Sundie Seefried, CEO and president of Safe Harbor Financial, echoed the sentiment, stating that the amalgamation of cryptocurrency and cannabis could be beneficial, primarily due to the traceability factor that blockchain offers.
In practice, Blockticity imprints a QR code on the products. Scanning this QR code leads users directly to a COA minted as an Avalanche NFT. With this system in place, ACS Laboratory has successfully minted over 35,000 COAs, which translates to a staggering $275 million in value.
The brilliance of this approach lies in its simplicity and efficacy. By minting a lab-derived COA on the blockchain, Blockticity verifies the lab report, ensuring companies can quickly access the COA and verify its authenticity.
The collaboration is set to continue, with ACS Laboratory planning to mint certifications for cannabis in their upcoming batch of 120,000 COAs.
Roger Brown, president of ACS Laboratory, expressed his enthusiasm, saying, "This collaboration with Blockticity underscores our commitment to leveraging cutting-edge technology for our clients, ensuring unparalleled transparency and authenticity."
It's worth noting that this isn't the duo's maiden collaboration. Back in November 2021, ACS Laboratory and Blockticity jointly launched the first-ever national hemp COA as an NFT on the Moonwalk platform.
