System and method for authentication using non-fungible tokens

A physical good comprising:

• an electronic tag device comprising:
• one or more processors;
• and
• non-transitory memory comprising stored instructions, which when executed by the one or more processors, cause the one or more processors to:
• receive a request for a decrypted passphrase, the request including an encrypted passphrase;
• decrypt the encrypted passphrase using a private key to obtain the decrypted passphrase, the private key being stored in the non-transitory memory;
• and
• cause a response including the decrypted passphrase to be transmitted;
• and
• an inductive coupling power source.

A method for authentication, the method comprising:

• by a first processor-based system, receiving a public key stored in a Non-Fungible Token (NFT) corresponding to a unique identifier of a physical good;
• by the first processor-based system, encrypting a first passphrase using the public key to obtain an encrypted passphrase;
• by a second processor-based system, decrypting the encrypted passphrase, to obtain a second passphrase, using a private key stored embedded in the physical good;
• by the first processor-based system, comparing the first passphrase to the second passphrase;
• and
• by the first processor-based system, generating an output indication in response to comparing the second passphrase to the first passphrase.

A non-transitory machine-readable storage medium comprising stored instructions, which when executed by one or more processors, cause the one or more processors to:

• generate a cryptographic key for a physical good, wherein generating the cryptographic key includes generating an asymmetric key pair for the physical good, the asymmetric key pair comprising a public key and a private key;
• cause a Non-Fungible Token (NFT) corresponding to a unique identifier of the physical good to be minted, wherein metadata of the NFT includes the public key;
• and
• encode an electronic tag device with the cryptographic key, the electronic tag device to be embedded in the physical good, wherein the electronic tag device is encoded with the private key.