DUBAI, UAE, Nov 7, 2021 – (ACN Newswire) – Stonses, a Dubai-based startup, has launched a blockchain-powered platform which allows for preserving the memories of our loved ones in a digital format. Stonses’ platform, which enables users to create unique digital identities with real-world objects, is built on a blockchain-powered asset management and NFT platform from UAE-based Verofax.
|Wassim Merheby, CEO of Verofax, and Miha Balek, CEO of Stonses, together in Dubai. [Photo: Verofax]|
In today’s digital era, our memories of people exist in the physical as well as the digital world. However, these memories may be scattered across devices or locations, some lost and others discarded, while the memories are also lost. Stonses aims to bring a permanence to those memories, through digital replicas of real-world objects linked to NFTs created by family friends and colleagues.
To make this happen, Stonses’ platform leverages NFT technology with QR codes as physical interactions, which the user can attach to any object that reminds them of their loved ones. A digital replica of the object is then built, and a unique identity is assigned to the object. This data is loaded onto an immutable blockchain, which enables the user to preserve the object and its associated memories forever, with control of the data to decide what is made public and what remains private, defining who has the right to create memories and who has only read access. By scanning the QR tag that connects the object to its digital replica, the user can instantly bring it, and the memories associated with that object, back to life. Thus, the QR tag serves as the bridge between a person’s memories and objects associated with them, and sharing with the public, amongst close family or a friends network securely, with Blockchain.
Stonses CEO Miha Balek says “The gift industry will reach $43.3 bn by 2027; objects are increasingly associated with people who own, use or gift them. Digital and physical objects create digital tokens, backed by Blockchain technology. Our memorial platform is the first to help preserve and exchange personal belongings across generations with technology, treasured assets to be transferred with ownership based on smart contracts.”
Wassim Merheby, CEO of Verofax, adds “When an object is replicated or digitally combined with certified content, its replica is called a digital twin or non-fungible Token. The first NFT project launched in 2015 on the Ethereum blockchain, but today assets and belongings can be tokenized digitally by making use of blockchain technology, which helps establish ownership and identity and seamless conditional transfer among user wallets.
While our blockchain-based asset management shoulders the Stonses memorial platform, it is also leveraged for other use-cases across industries. Retailers are using Verofax’ solution to render digital identities to their products along with information around origin, composition, and environmental sustainability. Verofax is a Microsoft co-selling gold partner whose solutions are also published to the Azure AppSource marketplace.
The ability to interface stakeholders securely and enable easy asset transfer and content access opens up new possibilities for organizations like Stonses, which is leveraging the direct-to-consumer interface to consolidate memories and assets of significance value. Stonses business model adds value to our personal lives, value that goes beyond the realm of monetary measures and efficiencies to that of meaningfulness.”
We are the first and only memorial platform for the global market. The future is fast approaching, and a new era of digital innovation and disruption is here. At GITEX, we presented the most innovative digital identity solution of the year, soon introduced: The Stonses Revolution officially launches at Burj Khalifa, Dubai on December 21.
Verofax is a blockchain-enabled Asset Digitization and Traceability solution provider, with presence across North America, Europe, Asia and MEA. The Verofax solution is available across multiple cloud environments, helping businesses transform physical into digitally-enabled products, and engaging meaningful interactions with customized user interfaces.
Topic: Press release summary
Source: STONSES Group / Verofax Ltd
Sectors: Cards & Payments, Blockchain, Technology, PE, VC & Alternatives, Regional, Startups, NFTs
From the Asia Corporate News Network
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