Autonomous transfers of NFTs upon delivery of physical assets
“We’ve demonstrated just how useful Web3 technology can be in reducing counterfeit merchandise and giving brands a new way to create lifelong relationships with their customers”.”MONTEREY, CA, UNITED STATES, August 3, 2022 /EINPresswire.com/ -- During the recent USPS National Postal Forum, the Digital Postal Service (DPS), demonstrated their postage token technology and the first autonomous transfer of an NFT certificate of authenticity when a physical painting by artist Jol was shipped using their NFT Digital Stamp and was scanned as delivered. The NFT transaction was recorded on DPS’ private blockchain and Polygon’s public blockchain.
— JOE RUIZ -CEO & FOUNDER
While the hype over NFTs and Crypto is tumbling over the course of 2022, DPS is showcasing the underlying Web3 technology and its unique utility across industries. The technology can play a valuable role in securing supply chains and assure that any merchandise bought online is authentic. The proof of ownership is shown through the blockchain’s underlying cryptography used by DPS’ Postage tokens for physical products.
DPS Postage tokens are linked to a product’s NFT Certificate of Authenticity (COA). The entire shipping history, as the merchandise travels from manufacturer to consumer, is recorded on both DPS’ private blockchains and public blockchains such as Polygon. When the USPS ePostage label is scanned at delivery, the COA is transferred to the buyer from the brand.
Recently, the United States Government Accountability Office did a test where they found 20 of the 47 consumer products they purchased from leading online marketplaces were counterfeit. DPS’ Web3 postage platform timing can also help protect the brands’ merchandise from counterfeits by proving authenticity.