An NIU start-up uses blockchain to certify natural stone used in construction
Petracoin proposes software for use by factories and quarries that guarantees the authenticity of the origin of raw materials aimed at the final consumer
The Petracoin app resolves this issue by using a blockchain platform which allows the authenticity and origin of the stone to be certified. Product traceability affects the entire production chain: the quarry or manufacturer, the warehouse, the distributor, the decorator or the architect and the final consumer.
Entrepreneur and managing director of the company, Carles Moreno, highlights that the Petracoin could have many applications, in the construction sector or in other sectors where the quality of raw materials is vitally important, and in cases where there is a notable lack of trust between different parties along the chain of production. Initially the focus will be on the kitchen worktop market, but with the aim of expanding rapidly with new construction applications.
The customers in this case would be manufacturers or quarries, who would make use of what Moreno has dubbed "the Petracoin ecosystem" paying by instalments to use the service. "We can offer so many advantages, the most important being the elimination of the lack of trust that exists within the sector, thanks to being able to certify the product´s authentic origin".
Other benefits of the blockchain platform include "activating guarantees by way of a smart contract and tokens, and obtaining usage data from the final customer". In other words, Petracoin goes way beyond simply certifying the authenticity of the raw materials, being able to act as a guarantor for all the companies taking part in the process, and for the warranty contracts between companies and the final customer. Petracoin is a start-up at the accelerated growth stage. It is one of the six projects presented on NIU´s Demo Day, a day dedicated to networking between entrepreneurs and investors held on 21 October.
Carles Moreno was accompanied during the presentation to the media by NIU manager, Miquel Gourré. "We’re convinced that Andorra can be an ideal location in which to deploy high added value blockchain applications", he stated, recalling the agreements recently signed by Andorra Telecom´s business incubator with the Spanish consortium Alastria and the Silicon Valley accelerator, ProteumX.