The push for safe products has been on the rise in China since 2008 when more than 50 thousand babies were severely affected when they consumed unsafe formula. Techrock has been among the major companies to explore the power of blockchain technology in tracking consumer products to ensure their authenticity.
Techrock Crypto Rewards System
To encourage consumers to confirm products, Techrock has a rewards system. With reports indicating that only 10 percent of foodstuff sold in China is original, verifying products is necessary even without rewards. The Chinese market for authentic non-food and food products is almost hitting 60 billion U.S dollars per year.
For Techrock, blockchain technology is two-pronged; it holds the rewards program for tipping users when they use the service to purchase authentic goods, and it permanently stores the history of the goods. This has enabled the blockchain-focused firm to provide authentic goods that are of high quality. They’re majorly specializing in products that can make the difference between life and death such us baby formula, and health supplements.
Running the rewards system on the blockchain helps to scrap off the expiry date for the earned points. To further the usage of the authenticity tracking service, Techrock inked a deal with Rakuten, a leading retail company in Japan. The deal will see Japanese goods evaluated from manufacture to packaging and has to fit Techrock’s specifications before Techrock adds them to its list of authentic products. Rakuten is not a stranger to blockchain technology although it has never had a deeper interaction with the technology.
The deal is also a strategic move by Rakuten to try and tap into the Chinese market. The verification of the products is done via a mobile phone and automatically earns points which can be redeemed for goods.
While speaking to CCN, Alexander Busarov, Co-founder, Techrock, said:
“We already sell in over 220 or 230 cities where our consumers are located. It’s all sent by the local dealer companies. We think our business will grow as the demand grows.”
With Chinese consumers shifting from brick and mortar to online shopping, the service offered by Techrock is definitely in demand. JD.com, a leading retailer, is also experimenting with a similar food authenticity solution.