Metacask unveils blockchain-based inventory tool Trakr
Metacask’s Trakr is a blockchain-powered inventory management and asset tracking solution, the first such fully integrated system for the spirits industry.
Metacask, a leading marketplace for spirits-backed NFTs, has launched Trakr, the first blockchain-based solution designed to simplify inventory management for producers and brands in the spirits industry.
Trakr’s technology will make it easy for companies and brands to not only manage their inventory, but also handle asset tracking and marketing by leveraging blockchain technology.
With the solution, users are set to gain access to the best of digital documentation in an industry that prides itself on quality. Now producers and brands can track products from grain to bottle, with decentralized records of every process of a premium spirit’s production – from raw materials to refining and distribution among other supply chain processes.
“We have designed Trakr with the spirits industry in mind,” said Nimantha Siriwardana, co-founder and CTO of Metacask.
“It is an opportunity to streamline supply chain processes, save costs and maximize operational efficiency. On top of that, there’s a chance to show customers interested in a particular bottle or keg everything from the information the harvester collects to the unique label designed for the item.,” he added.
Eliminates traditional solutions’ “silo-based” approach
The system will offer real-time data traceability, adding to the overall authenticity and transparency of the processes, a factor that removes the siled approach of old solutions.
Instead of distinct divisions for inventory management, asset tracking and marketing, Trakr offers an end-to-end solution that both eliminates the walled gardens and also streamlines the entire process.
“The amazing part is that this solution is so versatile that any luxury goods company can use it to improve transparency between stakeholders and their consumers. It’s a chance to really innovate the way products are managed from start to finish, even outside of the spirits industrySiriwardana noted.
According to Metacask, Trakr’s automation is key to compliance as it eliminates manual reporting to allow easy monitoring of supply chain processes.
For the technology itself, Trakr uses smart digital identity technology, with assets linked on the chain and via NFC chips (near field communication).
Launched in 2021, Metacask offers a leading marketplace that allows users to buy, collect and sell casks and bottles from leading spirits brands via NFTs.
On the platform, users not only get the NFTs as a digital title on a deed for purposes of ownership and provenance – they can also use these for price discovery.
