LCP

Blockchain Platform to Mint NFT & Manage its Supply Chain

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Blockchain as a Service (BaaS)

Blockchain enables creating verified, tamper-proof digital records of physical items, products & services as NFTs for organizations & individuals.

Client Profile

The client is based out of a Gulf country providing a number of solutions in the Blockchain as a Service area.

Challenge

  1. The client wanted a solution that would allow users to add and see NFTs of a real-life product or service. 
  2. A user doesn't know about the origin or manufacturing details of a product he is about to purchase or utilize. The client wanted to trace back the ingredients and raw materials of any product or service and be available for the public at large to see.
  3. The client also wanted to track the authenticity of valuable collectibles and antique items to reduce the possibility of potential theft or fraud.
User Interface Screens of Blockchain NFT Platform for Supply Chain Management

Solution

  1. Seaflux developed a blockchain platform that would allow its users to add authentic NFTs, called Validated Data Tokens, based on real objects, collectibles, antiques, and anything that needs to be tracked.
  2. The authenticity of a product will record the details of the product like where it came from, who made it, when it was created, and what exactly was created. The same platform can be used to scan the QR code on the already registered token to know the details.
  3. A verified organization and its employees would be appointed, who would validate the authenticity of the products after the end user register them on the website for Validated Data Token. The organization can also register the product on behalf of the end user.
  4. A validating organization would have three roles:
    1. Organization User: Would go to the user and verify the added token and add the comments based on the quality and described eligibility.
    2. Official: Has the authority to provide the final approval for the token. Adding one more approval would reduce biased decisions.
    3. Member: A member of the organization can act as a witness to add reviews on a product/service.
  5. Once the token is minted, the user would be able to sell it on the marketplace platform by opening a bid for the product, and other users can bid to purchase. The users can accept the bid and sell it to the highest bid. The QR code would provide all the details of the product being minted as the token.
  6. The minted tokens can also be used to transfer the ownership of real estate property, antique items, and valuable collectibles. 
  7. A Soulbound Token, which is non tranferable, can be minted for a user or organization, that can be used to show the authenticity of the entity.
  8. Seaflux also integrated a facial recognition AI system that would identify and authenticate the person validating the token.

Key Benefits

  1. The platform created authenticity more robust by adding a trusted organization for validating the tokens, which lead to thousands of registrations in the first quarter of the year. 
  2. As the logistics of the NFT products have been managed in-house, the company’s overall revenue increased by 3% from the previous year.
  3. A 9% hike in the registration of real estate organizations and a 5% in the logistics organization.

Used technologies

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