In order to accurately track tangible goods across discrete systems, multiple data formats stored in multiple locations is required; by nature, tracking goods and inventory is cumbersome, and often leads to data loss. Whether it is a television, a carton of eggs, or an airplane engine, there is no universal and trusted record of when a product exchanges ownership or custody. Because of this, each time a product changes possession, there is an extremely high likelihood that information and data references will be mislabeled, misread (because of incompatible systems) or just simply lost. In order to guard against this miscommunication or loss of information and data pertaining to commercial products and inventory, cumbersome, time consuming manual processes are used (ex. recreating photos, names, and digital documents for each discrete system that a product enters). The inefficiency in tracking commercial goods and inventories, and the resulting loss of information and data is the problem ReceiptCoin solves.
ReceiptCoin is creating a standard format for commercial product information and data, and a service to insert that information and data onto a public blockchain. Product information and data will only be updated by the current owner of the product and data. Essentially, ReceiptCoin will serve as a universal supply chain notary and data silo for each individual product. Businesses and customers can use this data to identify, inventory, and re-market products.
Advantages of the ReceiptCoin Blockchain Product Identification System: