Smart Inventory is a decentralized application that tracks the history and life path of valuable items. Users can claim ownership of an item or transfer their owned items to another user. With each action certain metadata is supplied that populates the dataset of an item. This enables users to analyse its history.

Why blockchain?

Secondhand markets for valuable items are often fraudulent and it can be challenging to obtain a true and verifiable history. Substantial sums of money can be both made and lost, by manipulating historical data of certain goods.

Smart Inventory tries to solve this problem by tracking the complete history of an item. This data is then stored in a decentralized manner, making it difficult to tamper with. By avoiding the dangers of a centralized database, an item’s history can now be proven and therefore its value can be more easily guaranteed.

Use Cases

For this proof of concept, I decided to go with a smaller type of network that focuses on one particular type of item. This is not a technical limitation, but rather is done to increase the probability that the existing data is populated more sufficiently.

In other words, if more of the same identical items are registered, it is easier to generate comparison data. On the other hand, if you spread the types of items too sparsely, there won’t be much to compare with.

Some use cases for a network are listed below:

• Vintage synthesizers
• Watches
• Art (of any kind)
• All kinds of rare or luxury goods

These are all valuable items that have their own “community” and “enthusiasts”. Each community can run their own network, focusing only on the goods that they are excited about.

However, as mentioned above, nothing is technically stopping you from listing everything, if that’s what you prefer.

As you can see in the front end, the network of choice for this proof of concept is vintage synthesizers.

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