Waltonchain: An Introduction
Waltonchain combines blockchain with IoT (specifically RFID) to create a management system for businesses (supply chains to be specific). Waaltonchain is a tribute to Charlie Walton, the man who invented RFID technology. Buy Waltonchain (WTC) India
Logistics systems are highly complex. They usually involve several different parties. And with the growth of these systems, it becomes increasingly tough for businesses in the same vertical to coordinate with each other. In addition, individual entities may have different processes that further hinder the ability to transfer data back and forth.
Waltonchain used RFID identification to keep record products during each step of production and distribution. An immutable blockchain stores all the data related to each item. This provides assurance of accuracy irrespective of the stage in which the product is.
RFID (Radio Frequency Identification)
Supply chain management presently faces certain limitations. For instance, it is usually very difficult to verify the authenticity of products as they are moving through in supply chains. Consequently, the customers obtain counterfeited goods. In other words, when the customer receives such products which fail to match the price paid for it, it results in strained relations. RFID (Radio-frequency identification) tags use electromagnetic fields to identify objects. Usually, inventory tracking, library system and product kiosks use RFID. Waltonchain aims to get rid of this problem by implementing RFID technology. Goods such as clothes carry RFID tags. With RFID tags, products can be tracked as they move forward along their supply chain. Waltonchain keeps a log of every bit of information related to the product. And, since both the manufactures and the customers can track the products, it is easy to verify the authenticity of the product.
Buy Waves cryptocurrency in India with BuyBitcoin. Click here
VIoT (Value Internet of Things)
Waltonchain also aims to take advantage of the decentralized nature of blockchain technology by using it to apply an IoT ecosystem. In the present state of IoT systems, a centralised domain is used in the exchange value and information between IoT devices. Hence, the current IoT systems do not exhibit the principles of a trustless and more importantly, a decentralized environment. In that case, IoT, in its current state, doesn’t depend on the two defining concepts of the blockchain ecosystem. This gives Waltonchain its final drive. It aims to solve this by hosting IoT systems on the blockchain, producing what they call VIoT. By initiating an IoT network on a blockchain, IoT devices that are connected to the blockchain can exchange value and information in a transparent, and trustless nature.
With Waltonchain, a simple scan of the RFID tag provides you with all the information you need to know. What the product is, where it’s been, who’s handled it, and other important data is all stored on the blockchain through these tags.
Start trading with BuyBitcoin now. Click here.
Applying VIoT to logistics comes with a number of benefits:
- Improved security through blockchain technology
- Accurate tracking of a product (from origin to destination)
- Anti-counterfeiting through RFID identification
- Decentralization without the need for trust
- Reduced labor costs
Buy Waltonchain (WTC) in India
Waltonchain cryptocurrency will be added soon to the platform of BuyBitcoin.org.in. Keep visiting for updates.