Waltonchain (WTC) in a Nutshell [Preview]
As this project is relatively new and lacking English documentation, content provided is based on my own research and personal understanding of the project. This is a working progress and I’m seeking community contributions on my Slack.
Waltonchain, at it’s core, aims to combine both blockchain technology and RFID to help manage supply chains. What it does is essentially decentralized the supply chain, providing information on the history of the product and also a decentralized network to store and access this information.
RFID and the Internet of Things (IOT)
RFID tags are around the size of a grain of rice
RFID (Radio-frequency identification) is tiny rice sized tag that can be attached to objects. Unlike barcodes, RFID tags don’t require line of sight to be read by a sensor and have been used for applications such as tracking animals, auto-pay at toll booths, tracking shipping and inventory management. RFID is favored over barcodes because it is easier for machines to read them, with possible applications with drones.
RFID tags can help with managing warehouses as they can easily be read by machines
Waltonchain is named after Charlie Walton, the inventor of RFID technology. This technology is used mainly in a concept called “Internet of Things” (IoT). IoT is basically the linking of physical objects to the internet. However one drawback of current IoT models is that interactions on the network only occur between verified and pre-approved parties. In other words, it is not a completely open system.
Waltonchain and the Value Internet of Things (VIoT)
Waltonchain wants to introduce a new concept called the Value Internet of things (VIoT). It will build upon IoT by incorporating blockchain tech. In Waltonchain, RFID tag chips and RFID reader chips are utilized. The RFID tag is the device to be connected to the chain and the RFID reader is a node on the chain. The Walton software consists of the Waltonchain software system, the Walton protocol, and the Walton coin (WTC).
Real world applications
A real world application given in Waltonchain’s whitepaper is it’s use in the clothing industry. An RFID is generated for each product and details are recorded on the blockchain. Information is updated on the blockchain during warehousing and transportation. Finally, it can be used to record the product in the store as well as customer information and preferences.
All in all, this streamlines the manufacturing process, reducing costs and also creating access to a decentralized hub.
One problem with this is how to attach the RFID securely and to prevent fraud. How do we prevent people from obtaining an RFID and then saying that it comes with this particular object? That is one problem that Waltonchain has to solve before it can really take off.
Article posted on http://boxmining.com/waltonchain-wtc-in-a-nutshell/