What are DAI-Certs (the NFTs)?
DAI-Certs are Non-Fungible (unique) tokens which are minted whenever a real-life asset (e.g. livestock or boxed beef) is registered to and tracked on the POA Network. The registration process can take place via a series of IoT sensors linked to oracle feeds which transmit the asset registration data onto the Proof of Authority Network.
These are designed specifically as digital authentication certificates for holders (e.g. proof of asset ownership / custodianship) and for transacting parties (e.g. proof of authenticity) and can be bought with $BEEF tokens.
What are the use cases of DAI-Certs?
Non-fungible DAI-Cert have at the following uses:
Proving ownership;
Backing farmers without banking intermediaries;
Sustainable and secure food systems;
Land and water reparations; and
Global projects to deliver portfolio diversity.
How does the DAI-Cert enforce asset traceability integrity?
The DAI-cert does this in 4 ways:
Aside from the multisig / community attestation processes, an NFT 'digital twin' is minted when assets are originally registered to the blockchain. The digital twin is an ERC721 token.
Asset NFTs are exchangeable for $BEEF via escrow payments contracts. These payment contracts are also multisig architectures.
When assets travel through supply chain events, they are checked against previous events and the existing register to ensure that they exist and are available for transacting through the events.
When asset ownership / custodianship is transferred in an exchange (ERC20 <> ERC721), BeefLedger ensures transacting parties are traceable. No ERC721, no deal. This means that people seeking to sell product without the ERC721 'proof of ownership / custodianship' cannot transact the product on the blockchain. Buyers will be suspicious of sellers who may have the product but not the corresponding ERC721. (This is like buying a car without the rego papers; no one would do it.)
The ERC721 structure also strongly mitigates against the risk of product / package substitution. You may have a fake package that looks just like the authentic article; you may have a scan that looks just like the authentic article, but you don't have the ERC721 token that goes with the product.
Last updated