Blockchain Startup Mints $275M in Hemp, Mushroom, and Kratom Certifications on Avalanche

• Blockticity, a blockchain-based company, has generated over $275 million worth of certificates on the Avalanche Layer 1 network.
• The initial certificates focus on hemp, psychedelic mushrooms, and kratom.
• Certificates take the form of NFTs representing Certificates of Analysis (COAs) from ACS Laboratory.

Blockticity, a company using blockchain for product certification, has minted over $275 million worth of certificates on the Avalanche Layer 1 network. The first round focuses on hemp, psychedelic mushrooms, and kratom.

The certifications take the form of non-fungible tokens (NFTs) representing Certificates of Analysis (COAs) for testing conducted by ACS Laboratory, a U.S. hemp and cannabis testing facility. The NFT-COAs are aimed at bringing transparency to supply chains.

ACS Laboratory uses Blockticity’s system to authenticate COAs via QR codes printed on products. The QR codes link to COAs minted as Avalanche NFTs. So far, ACS has minted 35,000 blockchain-verified COAs valued at around $275 million.

Tying COAs to NFTs will make them tamper proof

By tying COAs to NFTs on a public blockchain, the certificates become tamper-proof and traceable back to the originating lab. This helps tackle fraud and ensures product purity.

The hemp, cannabis, mushroom, and kratom industries face supply chain transparency challenges. Blockticity’s system allows consumers to independently verify testing and origin details.

Upcoming ACS certifications will focus on cannabis as the partnership expands. The ability to track cannabis through blockchain could appeal to regulators requiring fund traceability.

As Blockticity mints certifications at scale, the system provides real-world utility for blockchains like Avalanche by enhancing supply chain visibility. The capacity to independently audit product testing via NFTs yields business value beyond just collectibles.