Blockticity, a startup focused on providing certificates of authenticity for assets via blockchain, has issued certifications for $275 million worth of products on Tier 1 Avalanche, according to a press release. The first round of hitting includes hemp, psychedelic mushrooms, and kratom.
Minting is done via the Certificate of Analysis (COA) as a non-fungible token (NFT) verification system. The first mint includes hemp, psychedelic mushrooms and kratom for the US hemp and cannabis laboratory, ACS Laboratory. According to the company’s website, the hemp, cannabis, mushroom and kratom industries face supply chain transparency challenges. ACS tests for potency, assurance that there are no chemicals or pesticides in the products.
The purpose of obtaining the certifications is to allow users to trace the COAs back to the original laboratory, access the product test results, and prevent fraudsters from misusing the COAs through QR code tampering or data changes , the press release said.
Sundie Seefried, CEO and president of Safe Harbor Financial, previously said in an interview with CoinDesk that a regulator told her that crypto and cannabis could be a good match because blockchain technology provides a good traceability factor for funds derived from cannabis plants.
The way the process works is that Blockticity prints a QR code on the products and then links the QR code to a COA minted as an Avalanche NFT. To date, ACS Labratory has used Blockticty to manufacture more than 35,000 COAs, worth approximately $275 million.
By placing a COA on blockchain that originates from the laboratory, Blockticity authenticates the laboratory’s report. Companies can then look up a COA and use the QR code to find that report owned by the company that paid to perform the test, an earlier statement said.
According to the press release, ACS Laboratory’s next 120,000 planned COAs are for cannabis.
“We are pleased to once again join forces with Blockticity and leverage this cutting-edge technology for our valued customers,” said Roger Brown, president of ACS Laboratory. “Thanks to this technological leap, every COA viewer can trace its origins and identify any discrepancies.”
ACS Laboratory and Blockticity previously collaborated in November 2021 to launch their first national hemp COA as an NFT on the NFT platform Moonwalk.
