Object tracking and identification have found new use-cases across several fields.
Things often get lost, stolen, or even difficult to track. Web3 technologies have proven use-case scenarios that provide security, transparency, and uniqueness within different frameworks.
Ocode a french web3 object identification, and tracking start-up has finally been able to resolve the age-old issue of missing and lost bicycles.
So, you could be on a romantic trip in Paris, and even if your bike gets, stolen, lost or missing it will be found!
Expanding this use case has profound implications. Imagine if every object within ecosystems and supply chains could be identified and tracked? What a difference would it would be!
Vincent Roux Ocode’s Co-Founder took time of his busy schedule to explain the core concepts behind this and more. It was an interesting pow-wow as we think that trends like these are the next step in the evolution of the web3 industry.
Vincent Roux Co-Founder at Ocode
- How can NFTs be used to authenticate physical objects?
The NFT is an immutable and unforgeable digital certificate of identification and ownership.
In our case, we give it a physical translation in the form of a unique third generation code (QR code is second generation), which looks like a cloud of points and is engraved or printed on the physical object to make it indistinguishable from the NFT.
- What are the benefits of object authentication using NFTs?
A serial number isn’t enough to identify an object because it can be copied on any identical object, making it fungible. It is therefore necessary to associate this serial number with a certificate of ownership to make it unique and inseparable from an object and its owner.
Since the ownership certificate is also falsifiable, the solution of the NFT and its physical translation perfectly met our needs.
- How does Ocode’s technology work?
Ocode is a physical NFT, in other words a physical and indelible marking of the object, in the form of a unique and inviolable cloud of points, associated with a digital NFT comprising its identity card, a digital property certificate, a certified history and secure document holder.
Thus, by simply scanning the “cloud of points” with the Ocode application, I can identify the origin of the object, its background, estimate its value or simply get in touch with its owner without having to reveal his identity or contact details.
We started our activity in the bicycle market by managing the tagging of nearly 5 million bicycles in Europe by 2021.
Ocode is based on a private Blockchain to enable an open, collaborative and reliable technology, but not energy intensive or speculative, in line with the ethics that drives us.
- What are the technical details behind the Ocode private blockchain?
We use a private consortium blockchain, which means that each node is hosted by an identified actor who is part of the Ocode network.
This blockchain is based on the TenderMint technology, a technology validated by CEA Tech for its security and its respect of protocols.
We chose this process to protect us from two common drifts of the blockchain in general: the energy consuming proof of work on the one hand, and the financial speculation on the other hand, 2 attributes that could destabilize and distort the mission of Ocode to establish a trusted relationship between people and between organizations.
- Please can you give us examples of Ocode’s technology at work?
Ocode’s technology can be applied to many markets.
For example, to the bicycle market, where Ocode issues an NFT for each bicycle sold in France.
This NFT is then recorded in the Cycles Identification File, managed by the French Ministry.
Each user has access to the file to change the status of the bike to prevent resale, and to have it returned by law enforcement if it is found.
The Ocode technology is also emerging in used car trading, where all the steps of refurbishment of a dealership or a broker will be recorded on the blockchain to improve transparency and better assess the value of the object.
The Ocode technology should soon appear on luggages from airlines to help return a lost luggage to its owner without having to put his name, address or phone number.
- How does object authentication via NFTs improve the values of physical objects?
The NFT of the physical object reassures the future buyer on the origin and the history of the product, hinders the resale on second hand websites, centralizes all the documents since the creation of the object, and thus facilitates its handling and its transfer of ownership.
- Can you tell us how the digital certificate of ownership works?
With us, it is special because we do not ask for any personal information.
As a result, the owner’s smartphone acts as a private key to access and complete the information, or to be contacted. In case of loss, theft or change of smartphone, we have a procedure to recover the objects in the wallet.
This way of working assures the user that we do not use his personal data for commercial purposes, since we do not ask him to provide them.
So we also are a Privacy Tech startup!
- What are your plans for expansion into other industries?
Our modus operandi will always be the same: we approach brands, we offer them to mark their objects as soon as they are manufactured or sold and they offer their customers the possibility to activate this option on their purchases.
And we take care of the rest. This formula works regardless of the market or country. That’s why we don’t limit ourselves in terms of markets.
- Please can you give us details on Ocode’s financial performance in the past year?
After achieving a turnover of €3.1 million in 2021 (compared to €1.3 million in 2020), Ocode plans to exceed 6 million in 2022.
- What are the various ways in which Ocode’s technology can be implemented?
The code can be printed, engraved, drilled, with the addition of a plate, a resin, laser… the “cloud of points” makes it possible to imagine many possibilities and thus facilitates the implementation in factory or in store.
- What are the different generations of code technology in the identification industry?
The barcode has allowed us to identify ranges, products, in a professional chain of value, reserved to professionals. The QR code has allowed direct access to information by individuals, and to identify a particular product.
The Ocode is linked to a digital certificate of ownership, which identifies in a unique and unfalsifiable way an object, and allows a bilateral communication between the brand and the current owner of the object.
- How do you think identity management technology will evolve with the deployment of tools like Ocode?
It will no longer be a question of identifying a product, but a particular object and its associated owner.
It will no longer be a question of consulting inert information about a product, but participative information that will evolve throughout the life of the product.
- What are your plans to expand to other countries?
Our product knows no borders. The use as well as the technology are valid regardless of the country or the region of the world.
We will therefore offer our services in priority to brands present everywhere in the world and flood social networks without any territory limit.
- What are your plans for the next decade?
Eventually, we want to be at the origin of the first anonymous social network of objects and succeed in making it a first-class trusted network.
- Please, can you tell us about the team behind OCode?
4 experienced entrepreneurs who are launching their 2nd or 3rd entrepreneurial experience and a team of engineers and designers involved since the beginning.
We are 34 people today and will be 60 by the end of the year.
Related: How NOT to Store NFTs