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Metacask launches first fully integrated inventory management solution for spirits

on Oct 19, 2022
Updated: Oct 20, 2022
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  • The fully integrated inventory management solution is called Trakr.
  • Trakr will allow spirits producers and brands to track assets, market and also manage inventory.
  • The solution uses blockchain technology for digital documentation.

The marketplace for spirits-backed NFTs Metacask has launched Trakr, the first fully integrated inventory management, asset tracking, and marketing solution for spirits producers and brands.

Trakr uses blockchain technology to track the entire process from grain to bottle. Blockchain allows for digital documentation that the producers and brands have not been able to achieve before while using centralized databases.

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Authenticity and transparency in spirits production

There should be a certified process that accurately records everything from raw material, refining and bottling, to logistics and distribution of every premium spirit cask or bottle. This real-time data allows for traceability by producers, brands, and regulatory authorities thus creating a transparent and authentic experience.

The Trakr provides an end-to-end inventory management solution allowing all participants to easily monitor the entire process from production to distribution.

It starts by documenting all ingredients, materials, processes, and energy used on the blockchain. It then gives the physical casks and bottles a unique digital identity using smart technology via near-field communication (NFC) chip that is linked to tokens on the blockchain. Brands can then use Metacask’s marketplace to sell and resell the spirits.

Transparent source of data

Trakr’s blockchain is basically a trusted and transparent source of data for collectors to access using PCs or any smartphone to find out anything about a particular spirit bottle or cask. The collectors redeem the linked tokens to receive delivery of the physical spirits, view their full story, and authenticate it.

Producers can also track their products even after the sale. Blenders can also search, reproduce, and save blend profiles. Trakr also provides for deeper customer engagement.

Most importantly, Trakr eliminates manual reporting since it is fully automated. It also allows for compliance with regulations since regulators can easily monitor and ensure compliance from the start of production.

According to the Co-Founder and CTO of Metacask, Nimantha Siriwardana;

“We’ve designed Trakr with the spirits industry in mind. It’s an opportunity to streamline supply chain processes, save costs, and maximize operational efficiencies. On top of that, it’s a chance to show customers that are interested in a specific bottle or cask everything from the information that the harvester gathers down to the unique label designed for the item.”