What is Wabi?
WaBi intends to use the reliability of the blockchain to confirm the authenticity of food products in the real world, preventing death or serious harm that may be caused to the health of consumers as a result of the use of counterfeit. WaBi supplies consumer goods with specialized tags, helping the end user to verify their authenticity. Although the WaBi token and the Walimai issuer are primarily focused on Chinese consumers, the company is also exploring the possibility of expansion in international markets. What problem does WaBi solve? At the moment, there is a huge number of counterfeit goods in the market. The amount of such imports worldwide is equal to approximately 500 billion. One of the reasons for the creation of WaBi team calls the scandal around the food for children in China. In 2004, at more than 60 children died as a result of using fake milk for children. In 2008 300.000 people became victims of a similar scandal: 54.000 of them were hospitalized, 6 babies died. WaBi solves this problem with a blockchain and a sticker applied to the products. The sticker is secure enough not to be damaged during transport. Also, it does not prevent the opening of the package. During its development, Walimai took into account security threats both at the micro level, that is, the probability of faking the sticker itself, and at the macro level, that is, the possibility of intervention in the system. Currently (January 2019), WaBi is already being used to confirm the authenticity of baby food and alcohol. In after years, this list is planned to be significantly expanded, first of all by including drugs in it.