Q: Why not simply put a QR or barcode on an object instead of the chaotically generated CryptoBadge pattern?
A: One of the critical pieces for this technology to work is that the identifying item has to be non counterfeitable. If you have access to the QR or barcode it is easy to counterfeit the pattern. The CryptoBadge patterns are generated with chaotic processes that make it nearly impossible to counterfeit.
Q: Why use the blockchain technology instead of simply having a simple cloud database?
A: Because the blockchain technology is decentralized it is nearly impossible to modify the records and our customers can confirm the records independent of the CryptoBadge technology.
Q: Why use smart contracts?
A: Smart contracts provide a safe and transparent way of transferring the ownership of the object and funds from one person to another. It also provides a ‘future proof’ method for some of the technologies such as Crypto-Badge royalties. Because these contracts are in the blockchain, the royalties will continue to be paid and the ownership data will still continue even if the CryptoBadge company no longer exists.
Q: What is preventing someone from ‘ripping’ a CryptoBadge from an authentic object and placing it on a counterfeit object?
A: There is very little incentive to do this. If every authentically manufactured item had a CryptoBadge then this would reduce the value of the actual authentic item (buyers can no longer authenticate the item) with a net benefit of zero.
Q: What happens to the ownership ledger if Bifrostech goes out of business?
A: The ownership ledger is on a decentralized blockchain network. If Bifrostech goes out of business that ledger and all of the smart contracts will continue to be executed and exist on the blockchain.
