Tael ecosystem, including its Techrock safe-product sales platform, is proving to be a hidden gem that has effectively applied accessible blockchain tech to real-world problems.
Tael – the digital token used as a loyalty point inside the Tael ecosystem and Techrock sales platform for verifiable safe consumer goods – has rapidly become a prime subject for assessing the tangible impact that blockchains can have in the supply chain and logistics industry. Expanding with recent partners like Rakuten and Wakatsuru, Tael is pioneering blockchain innovation in the more than $500 billion global counterfeit consumer market.
Currently focusing on China, which accounts for $100 billion of the global market, Tael is making waves with some impressive adoption numbers.
Tael is a loyalty/rewards token program built on the proprietary Techrock technology that leverages NFC tags and a dual-blockchain system to provide real-time updates on a product’s provenance across various touchpoints. The tracking system covers updates throughout the lifetime of the supply chain and functions as a validation mechanism for the origin and tamper-proof qualities of consumer products.
Blockchains have been touted as ideal mediums for the complex interactions of global supply chains, improving transparency, tractability, and authenticity within a shared system. However, many blockchain-based solutions have faltered and failed to attract significant user numbers, which Gartner highlights as a lack of understanding of how to apply the nascent technology to various supply chains.
If such sentiment from analysts rings true for the broader application of blockchains to the supply chain sector, then Tael and Techrock are surely an enigma.
Impressive Growth and An Ambitious Expansion Push
According to adoption metrics provided by Tael, the more than 250 available products encompassing infant nutrition, supplements, cosmetics, and feminine care have attracted 37k users to the platform so far. Out of those 37k users, almost 23k are direct, non-crypto holding consumers – akin to traditional mainstream users of an application using the loyalty Tael tokens, not for speculation.
The number of Tael consumers represents a roughly 15X increase since the launch of a public adoption page and has rapidly outpaced the use of Tael token holders for speculation on Ethereum.
What’s interesting is that Tael and Techrock are proving the staying power of blockchain technology in the supply chain space, and the viability of cleverly crafted token models in the crypto sector. Utility tokens in crypto have undergone a drastic decline in launches and usability, with one of Ethereum’s most popular dapps, the DeFi application MakerDAO, only having 7.4k users in the last seven days.
For comparison, Tael has almost triple that amount in active users that are drawn into the value proposition of the app’s ability to verify the authenticity of consumer products imported to China. And the problem of counterfeit consumer products in China is a significant problem too.
Tael isn’t an arbitrary token system hoping to onboard users to make financial gains on the rise of its token value. The app actually aims to solve counterfeit issues such as those that led to an infant sickness crisis in China in 2008, as well as the endemic listing of fake alcohol products in rural and suburban retail markets in the country.
One of those fake whiskey brands even prompted the launch of Techrock by founders, Alex Busarov and Yaroslav Belinskiy, who got sick from a tainted batch in China in 2013.
Now, the entrepreneurial pair is pursuing an ambitious growth plan that has booked high-profile brands like Rakuten, and most recently, the historical Wakatsuru sake brand based in Japan. The Tael ecosystem now encompasses an active user area of over 440 regions in China, hitting milestones that are far beyond the purview of many blockchains or crypto startups – even in industries outside of supply chain tracking.
The platform identified and tackles a problem plaguing critical goods like infant milk, which required an innovative solution that was accessible by mainstream users. And with over $10 million in private funding and a goal of reaching 100k users by the end of the year, Tael is brimming with potential beyond solely the Chinese market.
“Tel addresses a specific need for authentic goods in a market of over $100B…Tael already boasts a subastantial level of adoption and a high potential for growth within China.”
Moving forward, Busarov and Belinskiy are looking to capitalize on the platform’s early success by prototyping a new scanning application, widening their B2B scope, and launching a KOL marketing initiative in China.
The mercurial past of cryptocurrencies is littered with scams, poorly constructed token models, and failed projects that have failed to appeal to mainstream users. It is no wonder, as Gartner detailed, that blockchain’s hype is fading following its original exuberance.
However, the Tael ecosystem, including its Techrock safe-product sales platform, is proving to be a hidden gem that has effectively applied accessible blockchain tech to a real-world problem. In the world of crypto, that is a rare feat and one that shouldn’t be overlooked.