MustangChain’s main objective is to advance the multi-billion-dollar equine industry by implementing smart technologies, generating unbiased data, optimizing fraud proof authentication and traceability, and removing global boundaries. This whitepaper entails our current approach which has been developed in close consultation with our stakeholders and technical experts and might be further improved based on future research.
MustangChain aims to set a global standard to counter fraud in the equine industry by introducing tamper-proof passport authentication, equine identification, and a swiftly accessible and decentralized data platform, thereby establishing trust among all participants within the ecosystem. Horses will have a NFC chip integrated passport that grants access to a horse’s data record on the blockchain, registering items such as ownership, studbook, medical records, breeding history, and other important variables necessary for informed trading, breeding, and handling. The emergence of ‘big data’ will be accessible for analysis and advancement of scientific and entrepreneurial endeavors.
MustangChain data collection approach will provide the basis to build a global community platform that will function as a portal where all stakeholders can unite to learn, exchange, and trade. Long-term success of the MustangChain platform depends on widespread industry adoption, which can only be achieved by actively involving the community in the development of our ecosystem. MustangChain initiated implementation of systems and protocols that allow for accessible and fraud proof data on horses, will enable the equine community to build decentralized applications on the MustangChain platform, such as auction houses and equine marketplaces. Decentralized applications that are ready for mass adoption will further expand the use of MustangChain as a one-stop platform for all equine services and merchandise.