The Cardano Foundation has rolled out a new supply chain traceability and anti-counterfeit solution “Cardano-Scantrust” through a partnership with Scantrust. Reportedly, Cardano-Scantrust will see brand owners revel in the benefits offered by Scantrust’s physical, secured QR codes for targeted data functionalities and traceability. It will also offer them access to the speed and low cost of Cardano’s blockchain for tracing supply chains and hedging against counterfeits.
According to the press release, the Cardano-Scantrust was first revealed in December last year. Reportedly, a Georgia-based artisan wine producer, Baia’s Wine, will join Cardano and Scantrust for the Proof-of-Concept (PoC) integration of the solution in its supply chain. Backed by three generations of expert winemakers, Baia’s Wine is a family-owned vineyard that currently exports its wine to more than 12 countries.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
In the above deal, the Cardano-Scantrust solution will merge metadata from the Cardano blockchain with distinctive and traceable QR codes from Scantrust. It will then embed this information on Baia’s wine bottles, which are intended for international markets. Through this addition, the wine buyers will be able to get clear data about their drinks, seeing as the relevant information will be added at each stage of the wine’s supply chain.
Breaking new ground
The proof-of-concept implementation with Baia’s Wine marked the first time for Cardano’s metadata to be used commercially. To achieve this feat, Cardano developed a verification solution that enables the use of the Cardano blockchain as a public audit platform. By so doing, the solution allows the secure recording of supply chain data and authentication of products’ origins. Additionally, the solution allows the verification of organizations involved in the supply chain.
Commenting on this development, Nathan Anderson, Scantrust’s CEO, said the synergy between Scantrust’s connected goods platform and Cardano’s transactional metadata would let brand owners offer consumers transparent, yet easy access to the origin of the products they buy. According to him, this will help boost consumer confidence while purchasing items.
This news comes after the International Chamber of Commerce projected that counterfeit goods and piracy will cost the globe £3.04 trillion by next year. This is set to impact a lot of people, seeing as most consumers cannot be sure that the goods they purchase are genuine.
