Wednesday, February 19, 2025

Ava Labs and Blockticity Collaborate on Blockchain Standard for Global Trade Verification

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KEY TAKEAWAYS

  • Ava Labs and Blockticity collaborate to develop a new international standard for Certificate of Authenticity verification using Avalanche’s Layer 1 blockchain.
  • The initiative aims to enhance supply chain security and transparency, addressing inefficiencies and vulnerabilities in global trade.
  • Blockticity has minted $275 million in real-world assets, working with ASTM to set new standards for tracking deforestation, solar panels, and batteries.
  • The ASTM COA standard, leveraging blockchain, supports UN Sustainable Development Goals and offers a scalable solution for fraud prevention.

Ava Labs and Blockticity have joined forces as part of a committee within ASTM International to develop a new international standard for Certificate of Authenticity (COA) verification. This initiative utilizes Avalanche’s Layer 1 blockchain technology to address the $25 trillion global cargo trade, aiming to enhance supply chain security and transparency.

The collaboration seeks to modernize the global trade industry, which suffers from inefficiencies and vulnerabilities, particularly in document authentication. These issues cost the global economy approximately $4.7 trillion annually, with $50 billion attributed to fraudulent activities involving fake or forged documents. This loss is often passed on to consumers through distributors and retailers.

Blockchain Technology in Supply Chain Management

Blockticity has already minted $275 million in real-world assets and product certifications across various industries using Avalanche. The company is now working with ASTM’s Digital Information in the Supply Chain Committee F49 on new standards for tracking deforestation, solar panels, and batteries through the global supply chain.

Mike Coner, CEO and co-founder of Blockticity, emphasized the importance of blockchain technology in creating immutable, tamper-proof records. He stated, “Supply chains today are more complex than ever, and ensuring authentication across every step is a challenge for regulators and businesses alike.” By partnering with ASTM, Blockticity aims to integrate these innovations into global standards, ensuring compliance and transparency at scale.

Development of ASTM COA Standard

The development of the ASTM COA standard leveraging blockchain technology addresses a critical need in today’s digital and globalized economy. This standard, defined as ASTM D8558 in July 2024, references blockchain technology as the preferred method for verifying goods and providing certificates of authenticity. It also supports several Sustainable Development Goals set by the United Nations.

Avalanche’s Layer 1 blockchain, used by institutions like JP Morgan and Citi, offers a highly scalable solution with near-instant transaction finality, privacy, and transparency. This technology is seen as a way to digitize real-world assets securely, providing an early warning system for fraud through its immutable ledger.

For more information, the collaboration was announced here.


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Neel Kapoor
Neel Kapoor
Neel Kapoor is a dedicated cryptocurrency enthusiast and blockchain expert at Coinsholder.com. With over a decade of experience, Neel offers insightful analysis and commentary on the latest trends and innovations in the crypto space. His clear and concise writing makes complex topics accessible to all readers.

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