The University of Wyoming lab has been working on an anti-counterfeiting solution based on Cardano Blockchain. Armed with $500,000 of IOHK’s ADA, the lab is exploring how to create chips that are capable of containing what is essentially symbolic proof of ownership of luxury goods.
The luxury goods industry currently suffers when its authenticity is questioned, due to the problem of counterfeiting and mass production of copies worldwide.
Therefore, the industry has historically struggled to solve this problem by introducing serial codes, holographic stickers and invisible ink. These methods, however, have not withstood the test of time and are easy to reverse.
What other uses does Blockchain technology have?
The problem of counterfeiting
The University of Wyoming, USA received $500,000 from the IOHK ADA
- Bitcoin Method
- Bitcoin Profit
- Crypto Trader
- Bitcoin Gemini
- Bitcoin Machine
in February and is willing to use the money to develop an anti-counterfeiting solution based on the Cardano Blockchain.
According to Charles Hoskinson, the IOHK director general, this is a project that goes beyond the scope of 2020. However, if executed properly, its possibilities are endless and it could bring about a total revolution in the luxury goods industry.
Through YouTube, Hoskinson gave an explanation of how the solution being developed by the university will work. Starting with an overview of the industry’s current supply chain system
First, we must understand that all luxury goods live within a supply chain that ends at retail. However, each stage of that supply chain, including retail, poses a threat to the authenticity of the item.
The process takes place when the item is already well into the supply chain and is notoriously difficult to control. The end user often has no way of authenticating whether a serial code is actually real or not, making it worthless.
Charles Hoskinson, founder of Cardano, criticizes headline
Cardano against counterfeiting
A solution that the University of Wyoming is currently working on will use both software and hardware to solve the problem. In this regard, Hoskinson said the lab is working on creating a chip that is capable of various cryptographic operations.
The basic idea behind this is to create a chip that makes it very difficult to extract information from it. Then use it to store and use private keys in the Blockchain.
These chips will be equipped with RFC, RFID, or a similar standard and will be extremely cheap to make, estimated to cost 1 to 10 cents. And it would be easy to implant in items such as luxury bags, shoes, watches, etc.
Since Cardano will soon have a multi-asset standard, it will be easy to issue tokens on the platform. What the Wyoming lab plans to do is issue tokens that represent authenticity or ownership of a luxury good.