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The Ethereum blockchain has yet another game changer added to it’s ranks. This one is called Chronicled.
According to it’s official website, the aim of Chronicled is to link the physical world to the blockchain.
They want you to imagine a world where anything can be interactive.
Consumer products and locations can be given a unique digital identity which allows apps to connect and interact.
You would be able to view in-depth product information, claim ownership of an item, create shoppable showroom experiences, and verify a product’s authenticity.
According to the article on the website crunchbase.com,
Chronicled is developing turnkey solutions enabling physical property to be securely linked to a blockchain for authentication, e-commerce, provenance, supply chain, and finance related use cases.
The company has published an open source protocol for the Internet of Everything (IoE) at Chronicled Open Source.
Building on top of that protocol, Chronicled’s proprietary platform, comprising of hardware and software components, enables development of consumer and enterprise applications for physical goods, devices, machines, and product packaging.
Microchips embedded in products, devices, and machines broadcast tiny radio signals over the air containing unique data.
iPhone and Android phones constantly scan for these signals.
If they enter within range an associated app responds.
For example, an app could offer the option to Buy It Now, verify the authenticity, or send a push notication that an item is on sale.
Why is this a good idea?
Serial numbers, QR codes, UPC codes, bar codes, and other unique identification systems can all be cloned or copied. Currently the global market for fake and counterfeit products is $1.8T—which is 10% of the U.S. gross domestic product. This is an enormous problem for Brands today.
By using secured microchips and registering them to their open sourced program on Ethereum’s blockchain, Chronicled can solve the problem of counterfeiting and provides an open database which improves communication issues.