Blockchain and its applications

Abstract

The past decade has witnessed a surge in innovation across industries, propelled by the emergence of Web3, primarily powered by blockchain technology. Given its immutability, blockchain technology proves ideal for a wide range of applications, including supply chain management. Amidst the rapid expansion of the e-commerce industry, counterfeits emerge as a significant threat to brands by causing revenue losses and damage to reputations, ultimately weakening trust between businesses and consumers. Therefore, there is a need for a robust and secure solution to eliminate counterfeits and the effects they could bring. The objective of this project is to address these challenges by leveraging blockchain technology to develop a decentralized application (dApp) for validating authentic products. A mobile application is developed to cover the entire supply chain lifecycle, spanning from manufacturers to wholesalers, retailers, and ultimately to consumers. Upon manufacturing, each product undergoes tokenization by receiving a unique token ID for on-chain identification. This unique token ID and its product information are stored within an encrypted QR code affixed to the product. We have developed a decentralised mobile application capable of enabling users to perform peer to-peer ownership transfers seamlessly. Upon achieving consensus, our platform empowers users to tokenize physical products by minting unique tokens for each item. These tokens are permanently recorded on the blockchain, ensuring immutable proof of ownership. Additionally, users are able to check the transaction history associated with each token they own. Through the utilization of blockchain technology, our primary objective of creating a transparent, traceable, and reliable ecosystem that supports secure ownership management of physical products has been achieved.