WaBi The project’s main objective is to utilize blockchain security for the verification of tangible products, ultimately shielding consumers from potential harm caused by counterfeit items. By integrating anti-counterfeit labels on various consumer goods, WaBi provides a reliable method for users to confirm that items are genuine and untampered. WaBi, the token, is necessary for purchasing verified goods, and while its operations are mainly in China, expansion into global markets is underway.
What Issue Does WaBi Solve?
Currently, the market is flooded with counterfeit products, with an estimated $461 billion (USD) worth of fake goods globally in circulation. This situation isn't just inconvenient; it can be downright dangerous when it comes to essential items like medicine or baby food. The horrors of past baby food scandals in China, where fake products led to several fatalities, motivated WaBi's creators to pursue a solution.
Though prompted by the devastating baby food incidents in China, WaBi's product verification abilities have a far-reaching potential to safeguard consumers worldwide. Before solutions like WaBi, blockchain lacked the means to seamlessly fuse physical products with digital verification.
What Other Obstacles Did the WaBi Initiative Successfully Address?
In developing their solution, the WaBi team engineered a physical label that stays securely in place unless tampered with, while also implementing micro and macro security elements to ensure both individual tag integrity and overall system resilience against tampering.
How Does WaBi Utilize Blockchain Technology to Safeguard Physical Items?
A major hurdle faced by the WaBi team was synchronizing physical goods with digital counterparts to tap into blockchain’s security features. By building upon blockchain’s inherent security and the distinctive nature of digital assets, Walimai is able to link each physical item to a secure digital twin affordably.
How Do You Use WaBi?
The effectiveness of this approach hinges on applying the Walimai label at the very start of the supply chain. This label contains a dynamic code, a unique encrypted ID, and location-based information.
To verify a product, you can download a mobile app from Google Play, the Apple App Store, QQ Store, or Baidu app store. Upon finding a product in-store, scan its QR code to instantly retrieve authentication details. This scanned data is verified through cloud checks, presenting results to assure you of the product’s legitimacy. Several Chinese products already use this innovative system, which continues to grow.
What Security Protocols Are Implemented within the Walimai System?
The blockchain’s inherent security is leveraged to its fullest potential to prevent label tampering. Systems in place ensure consumers are alerted if something suspicious is detected, such as mismatched location data or time discrepancies in scans that could indicate counterfeiting attempts.
What Is the WaBi Token?
The WaBi token serves as a digital currency that facilitates purchases via the Walimai app. Its ICO was a success, distributing 46 million tokens out of a 100 million supply at a rate of $0.25 each.
Users can effortlessly make purchases using WaBi tokens via the Walimai app, gaining benefits like bonus points, discounts, and enhanced delivery terms. Purchasing loyalty points in bulk with WaBi also yields discounts.
How to Buy WaBi
Since direct “Fiat” currency purchases aren’t possible with WABI, you’ll first need to buy Bitcoin or Ethereum—easily done on platforms like Coinbase—and then trade it for WABI on an exchange such as Binance.
Register at Coinbase
For newcomers to cryptocurrency, Coinbase is a recommended starting point—it’s simple, regulated by the US government, and one of the most reliable venues to invest in cryptocurrencies like Bitcoin, Litecoin, and Ethereum using cards or bank transfers.
Upon signing up, a brief identity verification process is necessary to meet financial regulations, after which your account is credited with $10 in free Bitcoin on the first $100 purchase. our link to signup Start your journey by clicking on the “Sign up” button, which takes you to a registration page where you input your name, email, and password.
This guide recommends purchasing Ethereum as it incurs lower fees and ensures faster transactions than Bitcoin. Simply navigate to the “Buy/Sell” section on Coinbase, select “Ethereum,” choose your payment method, and specify your desired amount in either dollars or Ether.
Purchase Ethereum
After confirming the transaction—possibly including a verification step for card purchases—your acquired Ethereum will be deposited into your account.
For further help, refer to our detailed guide on purchasing WABI through various exchanges.
Purchase WABI at Binance
You can now send your Ether over to Binance Explore instructions on registering and transacting on specific exchanges. review of Binance here The foundation of the WaBi Project dates back to discussions in August 2012 about combatting fake products in China. Opting for RFID technology due to its ease and security by September 2013, they launched operations under the Walimai name in Hangzhou in February 2014. Recognition followed as Walimai was celebrated for its innovation in a Moscow forum that October.
What Is the History and Development Timeline of the WaBi Project?
Collaboration with top baby food and alcohol producers started between December 2014 and August 2015, with the first app launch in July 2016. By the year’s end, a successful online shop on JD.com had debuted. In early 2017, physical stores began utilizing Walimai Shelves, which later enabled WaBi-powered purchases by year’s end.
The growth of physical locations offering WaBi-protected products is on the rise. December 2017 marked the inclusion of well-secured alcohol products within their portfolio. By 2018, further advancement aims to incorporate pharmaceutical items by tweaking current technology. Looking to 2019, the team plans to extend WaBi's applicability to include loyalty programs and insurer partnerships.
What Are the Plans for the Future?
Walimai’s approach to securing potentially tamper-susceptible consumer products like alcohol and baby food is cutting-edge. Although there is an additional step in scanning labels, the reassurance offered justifies the effort. As WaBi and Walimai broaden their reach, this could play a pivotal role in reducing fraud-related tragedies.
Conclusion
Chief Editor at Blockonomi and founder of UK-based Kooc Media, a champion for open-source solutions, blockchain innovations, and a universally equitable internet.
