According to a press release, Blockticity, a firm that focuses on using blockchain to issue certificates of authenticity for belongings, has created certifications for $275 million in products on layer 1 Avalanche.Hemp, hallucinogenic mushrooms, and kratom are all used in the first stage of minting. As a non-fungible token (NFT) verification system, the minting is carried out using its Certificate of Analysis (COA).For the U.S. hemp and cannabis lab, ACS Laboratory, the initial minting included hemp, hallucinogenic mushrooms, and kratom.According to the company’s website, there are difficulties with supply chain transparency in the hemp, cannabis, mushroom, and Kratom industries.ACS conducts potency tests and verifies that the goods are free of chemicals and pesticides.
The certifications’ goal is to prevent fraudsters from using the COAs by altering with the QR code or data, access the product’s test findings, and trace the COAs back to the original laboratory, according to the news release.In an earlier interview, Sundie Seefried, the CEO and president of Safe Harbor Financial, stated that a regulator had told her that cryptocurrency and cannabis would go well together since blockchain technology offers a decent level of traceability for money earned from cannabis plants.
The procedure involves printing a QR code by Blockticity on the goods, which links to a COA issued as an Avalanche NFT.Over 35,000 COAs worth approximately $275 million have already been issued by ACS Labratory using Blockticty.Blockticity authenticates the lab report by minting a COA from the lab into the blockchain.According to a prior statement, businesses can then seek up a COA and use the QR code to locate the report that is owned by the company that paid for the test to be conducted.According to a press release, cannabis will be the subject of ACS Laboratory’s next 120,000 COAs.
“We’re pleased to join forces with Blockticity once again, harnessing this avant-garde technology for our esteemed clients,” said Roger Brown, president of ACS Laboratory. “This technological leap allows any COA viewer to trace its origins and detect any discrepancies.”
ACS Laboratory and Blockticity previously worked together to introduce the nation’s first hemp COA as an NFT on the Moonwalk NFT platform in November 2021.