As an authentic and verifiable NFT creation platform, PRüF enables firms and companies all over the world to link their products and assets to cryptographic Non Fungible Tokens (NFTs). Normally used for digital representation and ownership of an asset, PRüF NFTs can help much beyond that. From the acquisition of the raw material and up to the final consumption or use, PRüF enables complete supply chain tracing (an expected USD 16.82 Billion market by 2027), helping not only the asset producer, but the eventual buyer and even helping in disposal or recycling to protect the environment.
Raw Material to Product
Firms and companies in the production sector can use PRüF to create NFTs that are linked with the raw materials. The NFT can track and record the complete life cycle of the materials. This can include the procurement details such as the location, vendor, time and how it's transported etc.
During production, the completed product can have its own NFT, with details linking the finished good to its constituents, creating complete traceability of how and which materials were used to manufacture it.
A New Journey
The finished product then begins its journey with the product's movement from production facility, warehouses, and shipping to finally the retail point. There, if any person shows interest in buying the product, they can simply scan the QR code and review the product and its back-end supply chain. This information not only provides the complete data on the production life, but simultaneously verifies that product as authentic. Once the potential purchaser is satisfied, they can buy the item and go about their business. The NFT is now held by the new owner, documenting ownership, and including any special information or certifications that the product may have.
Should the current owner ever need to sell it off, he or she can prove ownership along with authenticity to a potential buyer, increasing trust and making the transaction friction-free. PRüF can also come in handy if the item is stolen, with the owner marking it as such so that the thief will be unable to sell it, as the NFT showing its true ownership will be in the owner's possession. Along with this, the owner can mark the item as stolen in the blockchain, steering people away from purchasing it. The same method can be used to create a reward for stolen or lost goods, giving the owner a chance to retrieve their asset.
Discarding and Recycling
Should ever there be a point in time where the asset is no longer use, the accompanying NFT can identify the components of the product, helping in not only disposing the item, but also identifying parts and materials that can be recycled or even used as spares for similar products.
With 2 billion metric tons of waste produced each year, PRüF enabled NFTs can help the larger world by playing its part in a global recycling process that sees waste reduction, protecting the environment, and even helps in reusing material to save production and maintenance costs of the manufacturers.
About PRüF
PRüF is an asset tokenization platform that lets anyone create NFTs for their products and services easily. Fully audited and tested, the PRüF platform gives each user fine-grain control over their tokens, specifying the underlying digital or physical asset, monetization settings, proof of authentication and even allowing compatibility with legacy tokens.
With NFT usage on the rise, the chances of products and services being faked or duplicated by malicious parties is on the rise. PRüF creates a community-curated ecosystem where the duplication or creation of fake NFTs is eliminated.
