This product is used over 6 billion times every day.

About this video

The hosts explore the history and business model of barcodes, from their invention by Woodland and Silver inspired by Morse code, through their adoption by grocery stores to solve inventory problems, to the modern GS1 nonprofit that issues them. They highlight how GS1 has captured significant pricing leverage in this market, generating $81 million in revenue last year.

Key takeaways

• Barcodes were invented by combining the thin/thick line concept from Morse code with laser scanning technology to solve a real grocery store inventory management problem
• GS1, the nonprofit that standardized and now issues barcodes, claims $81 million in annual revenue and has infinite pricing leverage since businesses need their system
• Barcodes are used an estimated six billion times daily, making them one of the most widely-used products ever created

Episode details: published January 6, 2026 · 15K views · 1:05 long. Summary written by Self Growth Videos from the episode itself. The business ideas, figures and results discussed are the hosts’ and guests’ own claims, shared as brainstorming and entertainment — not verified facts and not investment advice.

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