Stin, the Austrian ginning plant, intends to use ICON (ICX), South Korea’s largest public blockchain project, to trace its supply chain with transparency.
Austrian block42 company block42 will combine Near Field Communication (NFC) technology with blockchain ICON to increase tracking system security.
NFC tags and devices serve as electronic identification documents and master cards and are currently used in contactless payment systems and mobile payment services that replace credit cards.
For supply chain, Stins block42 will install 999 bottles of limited-edition distillation with encryption-activated NFC chips. This allows consumers to scan the bottles to verify authentication and track the total number of bottles still available in the Limited Edition series.
In an official statement, ICON founder Min Kim stated that he strongly supports the use of ICON’s blockchain to track scarcity. Kane said the technology could provide an important way to preserve the “high value of limited editions and other rare elements” at the expense of more reliable tracking systems.
The company said configuring the ICON network to engage with NFC and other technologies could help maintain public confidence in the ongoing scarcity and equivalent value of luxury goods.
As previously reported, developers and companies have long recognized that blockchain is a robust infrastructure that can support reliable authentication and trading of luxury goods, as well as validate its ethical origins.
Additionally, the OpenSea Collectibles Market recently launched a project to use non-sponge tokens to represent diamonds.
Aside from the world of luxury goods, the blockchain is often combined with technologies such as the Internet of Things to automate and manage supply chains, and have become well known as a food safety and traceability tool for retail giants like Walmart.