Blockticity Mints $275M in Hemp and Other Product Certifications on Avalanche, Disrupting a $4.5T Industry
Blockticity, a startup addressing the $4.5T of goods with fraudulent paperwork moving through the supply chain, has minted certifications for its first $275M in products on Avalanche. This first minting covers hemp, psychedelic mushrooms, and kratom for ACS Laboratory, the largest hemp and cannabis lab in the eastern U.S. Blockticity plans to use Avalanche to certify sugar, sneakers (on deck for Q4 2023), fruit, meat, and much more, bringing confidence to supply chains that can stretch across the globe.
With its first minting, Blockticity launches its Certificate of Analysis (COA) as NFT verification system.
How does this system work? After a third-party partner’s testing, Blockticity prints a QR code on products. This QR code links to a COA minted as an Avalanche NFT. Rendered inalterable by the natural properties of blockchain, this NFT cannot be edited by bad actors. When vendors down the supply chain, patients, or consumers scan the QR code and see the Avalanche NFT, they can know the certification is authentic – and be more confident in the product.
To start, ACS Laboratory has used Blockticity to mint 36,750 COAs on Avalanche's C-Chain, representing a retail value of $275,625,000. Their NFTs point to separate verification that each of the 36,750 samples has been tested by a third-party lab (ACS), as required before sale in the U.S.
The majority of ACS Laboratory’s next 120k scheduled OCAs are for cannabis.
Fraud can be common in the certification industry. This problem is compounded by the lack of a robust track and trace system across many supply chains. Fraudsters can exploit laboratory COAs through QR code tampering, visual modifications, and data alterations. Blockticity's solution aims for COAs to have consistent, verifiable proof by anchoring them to Avalanche, empowering companies and consumers to trace COAs directly back to the original laboratory, adding a layer of protection.
Industries beyond cannabis can benefit from COA NFTs. Blockticity plans to enter consumer electronics, apparel, agriculture, seafood, and other sectors, with some projects slated to debut in Q4. Authenticity obstacles are common across numerous supply chain sectors. One study found that 36% of seafood is mislabeled. The fast-growing cannabis sector faces fraud challenges.
Blockticity chose Avalanche for its security, permissioned data availability, and the customizability and scaling potential of Avalanche Subnets. Though only on C-Chain at launch, Blockticity plans to migrate to its own Avalanche Subnet.
"Blockticity's primary goal is to harness Web3 for tracking products across the global supply chain,” said Mike Coner, CEO of Blockticity. “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."
“Product certification and traceability are two promising areas that have long been ripe for disruption by blockchain,” said John Nahas, VP of BD at Ava Labs. “Blockticity’s solution leverages the speed and security of Avalanche to unlock this promise. We’re thrilled that Blockticity has joined forces with ACS Laboratory to mint blockchain-backed certifications for hundreds of millions of dollars of consumer products.”
“We’re pleased to join forces with Blockticity once again, harnessing this avant-garde technology for our esteemed clients,” said Roger Brown, president of ACS Laboratory. “This technological leap allows any COA viewer to trace its origins and detect any discrepancies. This venture could pave the way for a comprehensive global tracking mechanism, reinforcing the credibility of certification processes, backed by the Avalanche blockchain.”
Blockticity offers technology solutions aimed at mitigating fraud in the certification and authenticity realm. Its potential extends beyond hemp and cannabis, promising reliability for various industries vulnerable to deceit and counterfeiting. Discover more at https://blockticity.io/.
About ACS Laboratory
ACS Laboratory is an award-winning testing facility serving the cannabis, hemp, mushroom and kratom industries with consistent, precise results. The team has earned 82 Emerald Test Badges for accurate results, more than any other lab in the USA. Exceeding regulatory requirements, ACS is ISO/IEC 17025:2017 accredited, DEA licensed, CLIA licensed and hemp-testing compliant in all 50 states (including Puerto Rico), and 17 countries. The facility is also a Florida Department of Health "Certified Marijuana Testing Laboratory." Beyond compliance, ACS is committed to innovation, continuously developing protocols to support clients as they expand into new product types and verticals. ACS Laboratory operates a 20,000 sq. ft. facility, making it the largest in the Eastern USA. Explore ACS' blog for the latest botanical science and laboratory testing information. Visit www.acslab.com for a complete list of testing services and capabilities. https://www.acslab.com/
About Lytha Ventures
LYTHA Ventures invests in early-stage companies that are using cutting-edge technologies to address global challenges and foster sustainable solutions. Our focus areas include AI, blockchain, and clean energy. https://lythaventures.com/
Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.