There are currently more than US$461 billion worth of fake goods circulating around the globe. This problem is especially pertinent in China, where fake pharmaceutical drugs have infiltrated and plagued the market in a big way. Back in 2008, over 300,000 babies fell victim to adulterated food items which, upon investigation, were found to have been laced with a chemical called melamine.
WaBi is a digital cryptocurrency that incorporates a customized Walimai module. As a result, it is able to serve as an anti-counterfeit system by keeping an accurate tab on product sales and similar market data.
To further expand on the functionality of WaBi, it uses a digital linking system that connects digital and physical assets through the use of RFID labels. These labels employ state-of-the-art technology and come with features such as:
- Anti-copy functionality
- Real-time authentication capabilities
- Remote tracking
When using WaBi, customers will be able to track a wide array of consumer products including everyday items such as clothing, pharmaceuticals, alcohol, and cosmetics. Not only that, WaBi also makes use of a blockchain-based loyalty program to help reward people who use Walimai to make purchases online.
Overview of WaBi
- The platform is fully operational and can be downloaded from the App or Google Play Store.
- It makes use of RFID labels that employ an anti-reuse design in order to prevent fraud.
- The overall usability of the platform is high due to its simple UI.
- It works equally well for buyers and sellers.
- A total of 56,000,000 tokens are up for sale.
Overview of the deliverables offered by WaBi (courtesy of the official whitepaper)
WaBi utilizes a security protocol called the Walimai label, which was designed specifically for the purpose of real-time goods tracking. Once this label is attached to a particular product, it can be freely tracked throughout the supply chain. In addition, users can keep an eye on other vital information such as:
- Individual encryption IDs
- Dynamic embedded product codes
- Geographic location and position
Once users have logged onto the WaBi platform, they have the option to purchase a wide array of products, all of which have been secured through the use of RFID tags. Not only that, but since the system is completely decentralized, it is controlled entirely by its participants.
Walimai RFID enabled chips used by WaBi (courtesy of the official whitepaper)
Also, through the use of an electronic label system, customers can be sure that their orders have not been tampered with. This not only instills market confidence in buyers, but also allows sellers to safely ship their products across the globe without having to worry about issues related to tampering.
Lastly, with the Walimai protocol, manufacturers can keep a close watch on the chain of custody, thereby maintaining control over the distribution and flow of their goods within the global market.
How WaBi works
The key to this entire project is the use of Walimai RFID anti-counterfeit labels which, when implemented within a product supply chain, can easily be used to verify that goods are real rather than fake.
All of this is done with the simple attachment of an identifier to each parcel which then allows for real-time tracking thanks to the transparent nature of the blockchain.
Simplified representation of the WaBi ecosystem (courtesy of the official whitepaper)
While similar projects have not succeeded in implementing this technology in the past, WaBi seems to be destined for great things because it has come up with a scalable solution that allows transactions to be passed through the blockchain in a streamlined fashion, thereby allowing for the implementation of the technology for real-world goods.
It is also important to acknowledge that WaBi has its own loyalty program that is especially designed for its Chinese customer base. With this unique incentive model, the platform will dole out rewards to participants who make use of WaBi on a regular basis.
Lastly, by negating issues related to arbitrage that are common amongst distributors nowadays, WaBi is able to reduce cost differentiation elements, and thus allows for higher returns for both buyers and sellers.
With WaBi promising to redefine the retail market as a whole, it can be useful to check out who the people behind this operation are.
The founder and CEO of this venture is Alex Busarov, a serial entrepreneur who has invested in a wide array of digital startups across China and Russia. He has previously been associated with other high-profile companies such as McKinsey and Co.
Yaz Belinskiy is the co-founder of this project. He holds degrees from Oxford University and the London School of Economics, and has worked in the consumer industry for over a decade.
Lastly, Kitty Xu is the marketing director for WaBi. For the past 20-odd years, she has been responsible for marketing semiconductor technologies for NXP, ARM and RS Components in countries worldwide. Kitty previously worked at J&J, and holds an MBA from Manchester Business School.
Since its launch in early December of last year, the value of the WABI token has remained surprisingly stable.
WABI lifetime performance chart (courtesy of CoinMarketCap)
However, there was a point in mid-January when the price of a single token hit an impressive US$5.59. It has since stabilized, and as of February 21, the price of WABI currently sits at US$1.56.
WaBi promises to redefine the way the retail industry works — at least in China — with its scalable functional model. With the way the currency has been garnering attention within Asia, it would not come as a surprise if this platform started to gain significant traction within the western crypto market as well.
If you’d like to start investing in this service, WABI trading pairs are currently being offered on Binance, IDEX and EtherDelta.