According to CoinDesk, blockchain startup Blockticity has minted certifications for $275 million worth of products on layer 1 Avalanche. The first round of minting includes hemp, psychedelic mushrooms, and kratom. Blockticity provides certificates of authenticity for possessions through its Certificate of Analysis (COA) as a non-fungible token (NFT) verification system. The first minting is for U.S. hemp and cannabis lab ACS Laboratory, which tests for potency and assurance of no chemicals or pesticides in the products.
The goal of minting the certifications is to enable users to trace the COAs back to the original laboratory, access product test results, and prevent fraudsters from exploiting the COAs through QR code tampering or data alterations. Blockticity prints a QR code on the products, which links to a COA minted as an Avalanche NFT. ACS Laboratory has used Blockticity to mint over 35,000 COAs, amounting to a value of around $275 million.
ACS Laboratory's next 120,000 scheduled COAs are for cannabis. Roger Brown, president of ACS Laboratory, expressed his satisfaction with the collaboration with Blockticity, stating that the technology allows any COA viewer to trace its origins and detect any discrepancies. ACS Laboratory and Blockticity previously collaborated in November 2021 to launch the first national hemp COA as an NFT on the NFT platform Moonwalk.
