ICON Use Case — STIN
With this post we are going to introduce you to a project that we recently kicked-off in development. Together with premium gin distiller STIN we are going to release a special edition of their gin in a limited edition. But let us start at the beginning…
The Idea
We at block42 are constantly seeking for new real-world applications to build on the ICON blockchain. Some time ago we spun our minds around the idea of scarcity of assets and we also thought about how to prove the scarcity of assets that are not limited in a natural way. Like for example limited editions of wine or gin bottles, very rare art works or sneakers.
With STIN we met a partner who already wanted to produce one batch of a special gin recipe and suddenly everything came together:
We are going to produce a limited edition gin of 999 bottles which are registered on the ICON blockchain.
The Plan
In order to connect the gin bottles (the physical world) to the blockchain world we need an interface. We decided to use a high-security NFC chip with crypto functionalities like storing a private-public keypair and creating signatures, which will be attached to the bottles.
Furthermore we will provide the consumers a mobile app to scan the NFC chips on their bottles and to ensure the authenticity of the limited edition gin they are holding in their hand.
The assets will be registered on the blockchain before the official launch of the sale so that we, as the issuer, cannot manipulate the amount of the bottles afterwards.
The Result
We are planning to deliver a high quality product to the customers. Therefore, not only will the gin be hand bottled, we will also manually initialise each NFC chip and place it carefully under the label by hand. Only this way we can guarantee a product that is crafted to the high demands of ourselves and our customers, but also utilising the newest advancements in NFC- and blockchain-technology.
If you want to follow the progress of this project, make sure to follow our social media channels.
If you have any questions about the project, join our telegram group and we will gladly answer them.