Current Internet of Things (IoT) models are insecure because they are all held under the same security domain, resulting in a potential breach of the network. However, Waltonchain’s (WTC) approach to solving this problem is with their newly introduced idea of the “VIOT” or the Value Internet of Things. This has far-reaching implications because the goal, as stated in the whitepaper, is to eventually use entity tags to track any object connected to a RFID chip and store all the information on the blockchain.
This has far-reaching implications because the goal is to eventually use entity tags to track any object connected to a RFID chip, and store all this information on the blockchain. WTC has assembled strong technical talent, with the team holding over 50 RFID patents, and harboring a well-connected team with over 16 large partnerships and notable angel investments in China.
But what is the scope of the RFID market — is this indeed a growing industry? There is nearly exponential growth in the RFID space: from roughly 3 billion tags purchased to an estimated 8 billion in 2017. RFID is extremely accurate at tracking inventory; It can keep the stock-keeping unit (SKU) — a quantitative measure for tracking inventory — level at 95% or higher, when it is typically 65%.
Amazon is currently trying to integrate RFID technology into their entire supply chain process for their automated fulfillment centers. They even went so far as to work with the Auburn RFID laboratory to make the transition seamless and more efficient. Also, according to Auburn’s research — 96% of retailers plan to integrate RFID tech into their supply chain processes.
Hospitals like BJC Healthcare who use RFID — one prominent example is smart cabinets — to track the essentials they need to order. In this instance, BJC reduced the amount of stock on hand by 23%, which stopped unnecessary wastage. The technology can also immediately display outliers in products and remove those with potential hazards. One can imagine how necessary such a quality could be in other countries where one can often buy illegitimate goods from pharmacies — leading to extreme sickness or even death in some cases. A company that provides an avenue to check whether a product is indeed the correct one would garner a large market share in these areas.
RFID is a vast market, ripe for adoption by a myriad of areas. Soon it will be a staple of many products to have chips implanted within them and in such a world, WTC is in the running to have control over the IOT space with their superior blockchain technology and business partnerships.