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Lifecycle ManagementWhy RFID
With global counterfeiting on the rise, physical retailers are in an especially vulnerable position while working to protect their brand name. Fortunately, Radio Frequency Identification (RFID) technology offers a powerful tool in the fight against counterfeit goods due to its ability to uniquely identify and track individual products throughout the supply chain. Unlike traditional barcode systems, RFID tags emit radio waves that can be read remotely, allowing for seamless, real-time tracking of items from production to point of sale.
Security in Authenticity
With the radio waves emitted from RFID tags, each individual tag displays a unique ID number (known as the Tag ID or “TID”) from the point of manufacturing which is locked and therefore unalterable. While many claim that the information stored in RFID tags can be duplicated, there are typically four memory banks in each tag, each of which has a specific purpose. The TID is always stored in the same memory bank, and it is unable to be changed after it is programmed.
While any compatible reading device can view the TID, it is near impossible to place that same TID in the correct memory bank of a different tag, as the RFID manufacturing community adheres to strict guidelines, preventing tags from being put in circulation without first locking this specific memory bank. Additionally, RFID tags can be equipped with encryption technology to further enhance security, eliminating any possibility of being cloned. This enables manufacturers, retailers, and consumers to verify the authenticity of products instantly, thereby reducing the circulation of counterfeit goods.
Supply Chain
Moreover, the adoption of RFID technology offers several other benefits beyond counterfeit prevention. While the acronym “RFID” actually represents the complete range of radio frequencies, RFID is typically mentioned in reference to the “Ultra High Frequencies” (UHF) that can be read simultaneously at lengthy distances through a single device. From a warehousing perspective, RFID-enabled inventory management systems can improve supply chain visibility and efficiency by providing real-time data on product location, movement, and stock levels. This not only helps to reduce inventory discrepancies and out-of-stock situations but also streamlines logistics operations and reduces costs for businesses.
NFC
The acronym RFID also encompasses radio signals transmitted at “High Frequencies” (known as HF and not to be confused with UHF mentioned above). When referring to the HF side of the spectrum, the RFID industry typically segments this range under the Near Field Communication (NFC) umbrella.
In the last several years, every smart phone has been assembled with a built-in NFC reader, which allows end-users to “tap” a tag from a short distance and see the information encoded on the HF spectrum (think ApplePay). Consumers can use their smartphone readers to verify the authenticity of products, access additional information, and receive targeted promotions or loyalty rewards. This new level of end-user engagement and interactivity not only builds trust and loyalty among consumers but also helps brands differentiate themselves in the market with an elevated product ownership experience.
Why Web3
After reviewing all available technologies that help guarantee a product’s authenticity and lifetime provenance from a digital perspective, we believe blockchain offers the best-in-class solution. Blockchain networks (often referred to as Web3) can store chronological transaction history while also eliminating the possibility for counterfeit digital records. In doing so, blockchain allows creators to stay connected to their creations post-purchase while allowing their consumers to have an immutable stamp of ownership. It is a fundamental technology that enables a decentralized method of cloud computing and storage.
Proof of Authenticity
Many still confuse cryptocurrency with NFTs (non-fungible tokens) because they both are built on blockchain. However, NFTs are assets, not currencies, stored on blockchain; furthermore, we avoid the volatile and speculative nature of NFTs and use them for a very specific purpose. With our model, we steer clear of the digital speculation that peaked in 2022, and we match each token with a physical good that carries conventional value. We liken this to a “gold standard” for a tool that was once purely digital.
In several industries, namely the fine art world, physical pieces are sold alongside paper COAs (Certificates of Authenticity) that validate a work’s origins and buyer history. At One of None, we future-proof the COA by using the immutability of blockchain to replace slips of paper that can be lost, torn, and counterfeited. Now collectors can rest assured that their digital receipt is backed by legitimate and tangible value regardless of market conditions.
Blockchain benefits
For a quick summary on why we believe Web3 technology offers the best-in-class digital storage solution, blockchain provides the following:
- Immutability. Non-fungible tokens cannot be copied or hacked, as the blockchain is a decentralized database stored across the public’s collective hardware.
- Portability. Blockchain-based tokens allow collectors to experience their digital asset in any Web3-enabled digital environment.
- Utility. Because they are fully immutable, tokens can carry specialized utility such as ownership-based access to a variety of rewards promotions.
- Customization. At their core, tokens are computer programs that can be customized to distribute resale royalties and enable/disable transfers under certain circumstances or on specific exchanges.
- Liquidity. Non-fungible tokens can stay listed on decentralized exchanges in perpetuity, so collectors can always receive bids and resell their items at will.
The Metaverse
One of the most exciting features of blockchain is that it enables the growth and development of an open Metaverse. The concept of the “metaverse” has come to represent a fully immersive 3-dimensional digital space that mimics and expands upon features of the real world. In the metaverse, humans can use virtual avatars to interact with one another, build communities, buy and sell property, attend digital events, co-create and share digital content, and much more. It has taken nearly three decades of technological advancement to pave the way for a functional metaverse.
Interoperability
An open metaverse hinges on the interoperability of different software applications. For example, gamers cannot currently take their virtual assets from one game into another. Even with existing “metaverses” such as Decentraland or Sandbox, users are limited to the capabilities of their respective digital world. They must log in with separate accounts governed by separate rules, thus differentiating these worlds from an interoperable, “open” metaverse.
In working toward a truly interoperable metaverse, several businesses are building virtual environments that can communicate with other virtual applications via web APIs and blockchain technology. Users will soon be able to move digital assets like NFTs from one application to another without barriers.
Mass Adoption
The open metaverse is rapidly approaching the mainstream market, as metaverse builders are working with some of the world’s most recognizable brands like Disney and McDonald’s. The easiest way to think about the impending metaverse is to consider a 3-dimensional (or “z-axis”) website, where visitors can use their keyboard’s arrow keys to explore the depth of a webpage, rather than being limited to scrolling in two dimensions.
These solutions are approachable and accessible via any standard web browser, and the implications of this technology are far-reaching. For example, retailers participating in the metaverse are able to offer virtual e-commerce experiences that mirror their physical stores, so remote users can have a familiar shopping experience without being physically present. Instead of buying products through standard e-commerce product grids, metaverse stores allow users to walk the aisles and try on potential purchases using their avatars.
Combining the Technologies
As mentioned above, RFID/NFC technology provides a powerful solution for combating physical counterfeit goods, offering unique identification, tamper-proof features, and real-time tracking capabilities. While the RFID component helps to safeguard brand integrity and consumer safety, it also unlocks supply chain efficiencies and can reduce operational costs. Additionally, NFC technology allows for a variety of interactive and enhanced consumer experiences. Together, RFID/NFC tags provide a single source of truth for authenticating a physical good and tying it to the digital world.
As the radio-based tags provide a physical identification system that cannot be replicated, Web3 offers the complementary solution for a digital identification system that also cannot be replicated. As the NFC component adds an experiential element to RFID technology, Web3 technology unlocks the portability of digital assets. This allows for the “future-proofing” of physical goods, enabling collectors to enjoy their assets across the entire metaverse as the Web3 landscape continually evolves.
We believe that the combination of these two technologies allows for the only streamlined solution in existence for establishing a true physical-to-digital connection between physical goods and their digital counterparts.
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