Crypto Stamp

Date of Issue : 11 June 2019

Here is an extraordinary stamp issued by Austria Post "Crypto Stamp" using the latest software technology ' Ethereum blockchain'. A collectible item for stamp collectors. It is definitely a unique item issued for the first time in the world by Austria Post. 

According to the press release, the so-dubbed “crypto stamp” is the first stamp in the world to be authenticated via blockchain technology. The postal service has reportedly issued 150,000 copies sold at € 6.90 apiece.

When purchased, the stamp set comes in two parts. As pictured below, the left part, which is stylized with a unicorn associated with Ethereum, functions as a standard stamp that can be used to send mail. The right section, on the other hand, contains the credentials used to authenticate the crypto collectible via blockchain.

Austria Post launches Crypto Stamp

Stamps go Digital

With the innovative crypto stamp, Austrian Post is for the first time offering a stamp which also exists as a digital asset (crypto collectible) in the Ethereum blockchain, and is thus breaking completely new ground.

The blockchain is a special form of decentralised immutable data storage. For this, data are not stored in a single computer centre but are distributed across many independent computers. A sophisticated mechanism ensures that completed transactions cannot be subsequently manipulated. Using the QR code printed on the stamp, the owner can look at the digital version of his/her crypto stamp in the Ethereum blockchain and then transfer it to other users.

The Crypto Stamp

The crypto stamp on the one hand comprises the physical stamp which you can remove from the mini sheet along the perforated line and use for postage like any “normal” stamp. The second part of the sheet contains (in addition to the stamp), concealed under a scratch-off layer, access data (address and private key) to a so-called wallet, a “virtual wallet”. This contains the associated digital crypto stamp. In the Ethereum blockchain everybody can see which wallet address the digital crypto stamp is assigned to. However, the identity of the owner of this wallet address is not visible.

Only the owner of the private key belonging to the wallet can access the crypto stamp. On the mini sheet this code is given in the form of a “secret word list” which is revealed after scratching off the coating on the third section. This code enables the owner to access the pre-configured wallet address and also to transfer the stamp to other wallets. Every transfer of ownership is irreversibly documented in the blockchain so that legal ownership can always be proven.

The unicorn depicted on the stamp block has a symbolic meaning: successful start-up companies valued at at least one billion US dollars are referred to as unicorns in the world of business as they are just as rare as these mythical creatures. The unicorn is also the heraldic animal used to represent the Ethereum community.

How Blockchain Will Invade Everyday Life

Austria’s crypto stamp is but a first glimpse at the future of digital property. The use case is relatively novel compared to the types of things you can do with your blockchain wallet in the future. One day it will be possible to prove ownership of a car or a right to a rental of any kind. Or perhaps the most common use will be paying tolls and transit fares.

The possibilities are endless. But the blockchain wouldn’t be nearly as interesting if it were merely one more paper-generating layer on the gears of our commerce system. Instead, blockchain offers the ability for people to retain permanent receipts. The need for multiple wallets will make itself evident when people are shuffling thousands of on-chain tokens instead of papers. The upside is clear: you’ll never lose your birth certificate again.