Lowe’s combats organized retail crime with blockchain, RFID
Lowe’s Cos. Inc. is leveraging cutting-edge technology in a new initiative to curb store shrink called “Project Unlock.”
Project Unlock combines low-cost RFID chips and Internet of Things (IoT) sensors to activate power tools at the point of purchase while also creating a secure, publicly accessible, and anonymized record of legitimate purchases. by blockchain.
To support Project Unlock, Lowe’s has built a blockchain record that verifies and tracks all legitimate purchases. As a result, Lowe’s intends to make it easy for customers to see if they’re purchasing stolen goods, or for law enforcement to crack down on organized crime rings that conduct professional shoplifting operations.
Under Project Unlock, a unique NFT is created for each physical product. Lowe’s is launching the proof of concept with power tools, but the retailer says it sees potential to use this blockchain- and RFID-based security system for other items in its stores, and ultimately across the entire retail ecosystem.
According to Lowe’s, it is the first retailer in the home improvement vertical to develop an anti-theft solution using blockchain and RFID technology. Lowe’s provides more information on Project Unlock and how it works in a short video here .
