WaBi (蛙币) is an electronic cryptocurrency which supports Walimai's anti counterfeit system and is backed by sales of products protected by Walimai technology. Consumers around the world can purchase products protected by Walimai technology with WaBi.
The Blockchain could solve the problem with electronic resources and can secure physical assets using cryptographic technologies and a verification model. It’s claimed that Wabi has opened new horizons by ensuring the uniqueness of digital assets and the safety of trades.
There has yet to be a tech able to safely protect the link between physical and digital resources while being cost effective. So far, just high-end products such as diamonds could benefit by the safety of their digital ledger – through a costly scan of physical attributes.
Wabi Business Model
Walimai has developed a solution that firmly joins a physical thing to its electronic representation at a price which allows us to protect everyday consumer products like milk-powder, pharmaceuticals, alcohol, and and makeup both digitally and physically.
There are 61 billion USD of imported fake products in circulation internationally. Routine authenticity and food safety scandals in China and imitation pharmaceuticals in play around the world. The Blockchain is presently unable to take care of the issue with no link between digital and physical assets.
Wabi intends to link digital and physical assets through RFID tags with anti-copy functionality. Consumers can authenticate the product through their phone. Selling customer products (baby food, cosmetics, alcohol, pharmaceuticals, etc.) will also be protected by Wabi’s technology to consumers.
Details on the WaBi Project
WaBi Project – a blockchain-based loyalty programme to encourage and reward purchases from the Walimai safe channel, and also to build collective security through human action.
The tech is currently functional to make WaBi a reality. Mobile APPs are available for downloading in the Apple store, Google play, QQ shop and Baidu app shop.
The project will use secure RFID tags with exceptional anti-reuse design.
Market – analyzed as a pilot. Very positive comments from countless clients regarding the security of their goods. Earnings through 3 pilot O2O terminals at China's infant stores started in September 2017.
Benefits For The Supply Chain Using WaBi
A working label is a guarantee that the packing has not been tampered with, whether the product is being marketed on an open-air market in some distant countryside. Walimai labels greatly simplify the procedure of keeping track of products' ‘chain of custody' for manufacturers, while also enabling a much higher degree of control over goods' distribution and flow.
The practice of arbitrage by distributors i.e. taking illegal benefit of cost differentiation between regions can thus be radically reduced. For the consumers, products with Walimai security signal a guarantee of credibility and a certain minimum standard of quality and service.
Shifting the proof of credibility from the channel into the product opens up opportunities for new retail formats. For example, the expansion of peer-to-peer earnings through social networks, with WaBi’s foothold in China expecting a double digit expansion is particularly conducive for the product-centric protection markets.