Blockchain Labels
What are Blockchain Tokens?
- These are permanent physical labels with a printed QR code that are meant to be applied onto a product itself. Also known as a Non-Fungible Token (“NFT”).
- Every label is unique. If for example, you manufacture 1000 units of a product, we generate 1000 unique codes – one for each unit. No two items have the same code.
- Similar to needing a passport to travel, each label has its own identity (technically referred to as a “private key”) and is pre-registered on the “blockchain”.
- Most companies have a method to track their inventory. The blockchain is a database on the Internet that is used to track ownership.
- The single most important point is that your items on the blockchain are 100% owned by you. This is entirely different than listing a product on Amazon or Google, where they can pick and choose which products they want to list and how much to charge you.
- Having access to the World Wide Web gives you access and exposure to resources and communities. This same idea applies when your products are added to the digital ecosystem through Blockchain technology. Here are some Use Cases that exist today, with more coming every week.
Why do I need this?
Here is a table to help compare & contrast traditional barcode labels vs. blockchain labels.
| Legacy | New | |
| Contextual Metadata | Traditional labels are limited to what can be physically printed, such as an identification number. | The term metadata can refer to a product description, ingredients, materials, manufacturing date, origin, and/or other product specifications. A metadata file is created for each individual label and stored online. This file cannot be tampered or altered even by the original manufacturer. Particularly around non-consumable products, there is a shift away from storing product metadata offline. Instead, this contextual data is written in a particular format, then moved online. By storing data on the blockchain, there is now a standard way for both humans and machines to interact and digest the data, from a single trusted source. |
| Authenticity & Ownership | Consumers must rely on manufacturers and/or retailers to prove they are the owner. A database documenting the owner is generally kept private, and not shared with the public. Maintaining this offline database is thought of as an expense to the company. | The blockchain is a public database built for the purpose of securely and permanently storing transaction. By moving this online to the blockchain, there is no recurring cost. In addition, end-customers are willing to pay more when they have greater ownership of what they have purchased. Why is it valuable to have a public record of the owners? Here are a few benefits of having this information online: 1) Fraud Prevention - to address Counterfeit products, anyone with access to the internet can perform a validation of the owner. 2) Value through Community - a product can be more valuable through its community. For example, in an art collection consisting of 1000 pieces, one is owned by a well known celebrity. This piece of art is promoted on her social media profile picture. 3) Exclusivity - People want to know if what they own is a limited edition item. On the blockchain, it is possible to define how much pieces are part of the collection/batch. |
| Immutability, Traceability & Provenance | Information provided by a company is not always assumed to be reliable. Each company has their own methods and systems in recording customer information and transactions. This data can be updated or deleted, with or without an audit trail. This is referred to as being "mutable". A common question is - How do I know the number of customers you are reporting is accurate if you can change this with a click of a button? | All transactions are digitally recorded and permanent on the blockchain. This means if a number, a name, an owner changes, a permanent log entry is created. Why is this important? We can now accurately know the date/time when a transaction occured. How is this valuable to the end-customer? Let's use a real example. A trend happening for the past several years is the creation of digital art collections on the blockchain. This has become popular because the blockchain is able to record the exact time when the piece of art was created. The older the collection, the more valuable it tends to be. |
| Digitization | Customer records and transactions are stored offline. Every company has their own Information Systems. Generally, all information is categorized as being private & sensitive data, and not to be shared outside the organization. | There is a shift to digitize right down to the individual items, with the blockchain being a common "registry" for all companies and all products. Whether it is a piece of art or a bottle of wine, a standard method is used to give it a digital identity. This is commonly referred to as Non-Fungible Tokens (NFTs). This process is similar to how the World Wide Web needed a global standard to become as popular as it is today. |
Which Blockchain Label is right for me?
| Product | Which Product is for me? | Cost per label * |
| UniqueID | You are looking to adopt Web3/Blockchain in the future, and want to be prepared today. You are looking to start off with something similar to a traditional label but with the option to layer on additional feature/functionality at a later time. The next upgrade path is the Metadata Add-On Pack. There are no technical skillset requirements here. | $0.03 - 0.07 |
| Pre Mint | You are looking to adopt some aspects of Web3/Blockchain today. You are looking to add your product information to the Blockchain, making it visible to the public. Anyone on the Internet who has the public Token/label address, can enter that specific code and be able to retrieve the product details you submitted. There are no technical skillset requirements besides knowing how to navigate websites. | $0.12 - 0.16 |
| Full Mint | This is for those who have some basic understanding of Web3/Blockchain. Preferably, you or your end-customers have your own digital wallet which allows you full control over your own Tokens. Alternatively, we can list the name of the owner directly onto the Blockchain for those without a digital wallet. | $0.27 - 0.31 |
| * Canadian Dollar |
There are three products in total. They differ depending on your level of comfort & how prepared you are to adopt Web3/Blockchain technologies. Most start at the Pre Mint because if offers a good balance with features and price.
Frequently Asked Questions (FAQ)
General
- What are the different Blockchain Labels you offer?
- What are some Use Cases for Blockchain Tokens?
- What makes our Blockchain labels different than others?
- Are Blockchain Labels new?
- Which Industries are Adopting Blockchain technology?
Digital Wallets
- What are digital wallets?
- Are digital wallets required to use your labels?
- How do I get my own digital wallet? Does it cost money?
Technical
- How do I read the QR code?
- How do I view my data on the blockchain?
- What is IPFS?
- What is a Blockchain Explorer?
- How do I determine the IPFS hash directly from my QR code?
Any further questions? Email us at support@buylabel.ca