The various applications of blockchain have been the driving force behind the growing interest in the digital currency industry, and its stature in terms of attracting investment and talent. While we have seen many innovations in blockchain use over the last few years, a new one seems to appear every month, and this is no exception. By using a combination of a tamper proof seal equipped with a near field communication chip loaded with identification data about a package, and registering that data onto a blockchain for immutable verification, Chronicled have created a system that tracks and verifies valuable cargo in one operation. Cryptoseal offers visible proof of tampering along with digital verification the parcels integrity.
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Several startups have sought to make use of blockchain for identity verification purposes, and others have put forward ideas for using the technology for tracking of goods, both in production and even in transit. However, this new idea from Chronicled, the San Francisco based tech company, offers a somewhat unique take on the dual supply chain problems of tracking and verification.
The company that specializes in Internet of Things and blockchain based technology solutions introduced the new concept at the ID Tech Expos in Santa Clara recently, and is based around a tamper-evident seal developed in collaboration with Cellotape Smart Products. Each seal contains a Near Field Communication (NFC) chip that carries a unique identifier, and allows customers to secure their packages or containers, ensuring that these packages, containers and so on are not tampered with, opened or modified in any way.
The data carried on the NFC chip is registered and verified on a blockchain, they use the Ethereum Blockchain in these early tests, but plan on offering a choice of Blockchains as the system matures, including Bitcoin, Hyperledger, Zcash and Symbiont. This combination of hardware visibility to confirm tampering and immutable data verification for all aspects of the package in question provides perhaps the most comprehensive security solution yet devised for items in transit.
The seal itself, known as a CryptoSeal, is easily fixed to almost any physical object, although Chronicled themselves highlight the exciting opportunities for the tracking of pharmaceutical products in transit. With high value and the danger of fake pharmaceuticals such as fake pills, being able to seal packages, verify the contents and track the progress, knowing that the package is intact on receipt.
The initial scope of Bitcoin was to transform currency, but the explosion of blockchain initiatives in all market sectors and industries has seen the digital currency industry move to transforming the world. There is hardly any aspect of life today that is not being researched for integration with blockchain, not all will be successful of course, but as an industry it is clear that cryptocurrency has moved from the fringe to the cutting edge of technological advancement, all in the pace of seven years.