April 2015, Busarov, a former McKinsey consultant, and Yaroslav Belinskiy, another Russian expat, established Walimai, which makes high-tech anticounterfeiting labels for products like baby food. The labels use blockchain, the technology behind the controversial bitcoin cryptocurrency, to ensure whatever they're stuck to hasn't been tampered with.
The labels that Walimai, which was originally named Verify, produces look like hospital bracelets attached to product packaging. An RFID chip sits on the label, while the straps contain an antenna that communicates with the company's blockchain-based backend system through the Walimai app, which customers download to their phones. (The app is available for iOS or Android.)
Whenever the product changes hands during production, an encoder scans the label so that data -- think time, place and content -- are updated in Walimai's system.
Recording the data is where Walimai's blockchain technology comes in. Each time the encoder scans the label, the data is recorded in the blockchain.
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