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 within the spirits industry.
Trakr’s technology is set to make it easy for companies and brands to not only manage their inventory, but also handle asset tracking and marketing leveraging blockchain technology.
With the solution, users are set to access 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 decentralised records of every process of a premium spirit’s production – from raw materials through refining and distribution among other supply chain processes.
“We’ve designed Trakr with the spirits industry in mind,” said Nimantha Siriwardana, co-founder and CTO of Metacask.
“It’s an opportunity to streamline supply chain processes, save costs, and maximize operational efficiencies. On top of that, it’s a chance to show customers that are interested in a specific bottle or cask everything from the information that the harvester gathers down to the unique label designed for the item,” he added.
Eliminating traditional solutions’ ‘siloed’ approach
The system will offer data traceability in real time, adding to the overall authenticity and transparency of the processes, a factor that’s removing legacy solutions siloed approach.
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 whole process.
“The amazing part is that this solution is so versatile, any luxury goods business can use it to improve transparency between stakeholders and their consumers. It’s a chance to truly revamp the way products are managed from start to finish, even beyond the spirits industry,” Siriwardana noted.
According to Metacask, Trakr’s automation is key to compliance since it eliminates manual reporting to allow for easy monitoring of the supply chain processes.
For the technology itself, Trakr taps into smart digital identity technology, with assets linked on-chain and via near-field communication (NFC) chips.
Metacask launched in 2021, offering a premier marketplace that allows users to buy, collect and sell casks and bottles from leading spirits brands via NFTs.
On the platform, users do not just get the NFTs as a digital title of deed for the purposes of ownership and provenance – they can also leverage these for price discovery.
