MustangChain is looking to disrupt the more than $300 Billion equine industry, to defragment, verify, regulate, and unite all stakeholders involved. By creating a blockchain-based solution, MustangChain is a properly-regulated global standard to validate, authenticate, and manage equine identity, historical data, and value/data transactions through the MustangChain Platform and the use of the fraud-proof Sealed Verification System (SVS).
"The equine industry is rife with transparency issues, relying too heavily on non-digitized approaches to commerce, operating with no global market platform in place for its many stakeholders. These issues will only be compounded in the future unless a solution is found." - CEO Danny van de Griend
China in particular, has seen a 1500% growth in horse clubs since 2010, importing 2000-5000 high qaulity horses per year. Fraud is very prevalent in these transactions. Mustangchain aims to solve this issue, both within China & globally, by setting a global standard for countering fraud in the equine industry:
Horses will have an NFC chip integrated passport that grants access to a horse’s data record on the blockchain, registering items such as ownership, studbook, medical records, breeding history, and other important variables necessary for informed trading, breeding, and handling. Additionlly, Scanning a microchipped horse with a custom device, which any horse breeder or owner often already owns, will display a unique identification number (UIN). This UIN will be recorded to the data record on the blockchain. Entering the UIN into a special “identification field” in the data record, as accessed by the NFC chip in the passport, will consequently verify the identity of the horse and authenticate the corresponding passport. Some countries however, are against implanted microchips because of animal safety regulations. In these cases,new technologies regarding iris scanners create a Unique Identification Number (UIN) based on the iris scan, much like mobile phones use complicated algorithms to store fingerprints.
The MUST token, of which 100 bilion are to be minted, enables transformation of functionalities inside the ecosystem, resulting in the creation of a transaction between buyers and sellers. So as with many cryptocurrency tokens, the value of the MUST token is derived from supply/demand - no adoption, no increase. However, there is ZERO competition, so demand could get pretty high.
World-renowned Tim Vaughan Racing will be the first of many already signed professional training yards to adopt the MustangChain’s blockchain solution. Tim Vaughan is also the first trainer to adopt blockchain technology in the UK.
It may not be the first, or even in the first 100 ideas that pop into your head when you think "use cases for blockchain technology", but Mustang is most definitely one of the more interesting project i've seen myself. It's so futuristic, yet so simple a the same time - race horses tracked on an immutable, decentralized database.
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