Loading...

Blockchain protocol ICON (ICX) is in use in Austrian distillery

In this post:

  • ICON protocol is used by Austrian distillery to provide proof of limited supply for a special edition gin
  • The project is developed together with Block42
  • This is another blockchain application in the management of production and product inventory

The Stin, a gin distillery from Austria, decided to use ICON to improve its supply transparency. Blockchain protocol ICON (ICX) is a single biggest public blockchain project in Korea.

This project is a joint endeavor of an Austrian tech company named Block42 and ICON. Block42 is a blockchain company with a focus on developing services and products on decentralized networks. 

The Stin, an Austrian distillery, decided to implement ICON blockchain in combination with NFC and build a unique secure tracking system based around the integrity of data provided by the blockchain.

How will this blockchain protocol operate?

The company Block42 will be furnishing the exclusive bottling run of Stin’s signature gin with ICON protocol equipped NFC chips. NFC chips work as digital proofs of unique identity. NFC technology currently finds the application inside the smartphones for authentication purposes in contactless payments. In other words, the NFC is used as a more convenient replacement for different payment methods. NFC chip will provide buyers of Stin’s gin with the proof of authenticity.

At the same time, buyers will be able to track the outstanding availability of this exclusive edition of Stin’s gin. That could be precious information for loyal gin fans and collectors or investors in the rare editions of hard spirits.

Min Kim, ICON’s founder, said that he is entirely behind using his blockchain as a tracker for the limited supply goods. Kin confirmed that ICON could contribute as a crucial part in protecting “the high value of limited editions and other rare goods,” providing a more secure inventory system.

Implementing the ICON blockchain solution inside NFC technology can help sustain consumer confidence in the pre-established limits of inventory and the additional value of selected products.

Companies and developers leverage the blockchain in business process’

Both manufacturers and blockchain developers recognize this technology as a potentially essential part of the supply-chain infrastructure. It can provide both the proof of authenticity of scarce goods and serve as a certificate of the ethical practices during manufacturing and sourcing raw materials.

We can find numerous examples of this kind of blockchain use today. One such project uses the so-called nifty tokens to tokenize unique and non-interchangeable assets, such as precious stones.

With each passing day, there are more and more different ways to use the blockchain protocol. As we see, providing proof of uniqueness for the luxury goods industry is just one of them.

Such a plethora of use-cases shouldn’t come as a surprise. The blockchain protocol is often used in combination with IoT technologies for various process management purposes. Also, it is used in some instances as an invaluable tool to provide food safety.

As the advancement of blockchain technology progresses, the opportunities for its implementation in other industries will continue to grow.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

BRICS
Cryptopolitan
Subscribe to CryptoPolitan