Luxochain, a blockchain-based service combining Near Field Communication (NFC), Radio Frequency Identification (RFID), and Fingerprint Authentication (FPA) has announced its launch. Its certified system Block ID, based on blockchain technology, uses a unique token attached to every single product on the market, to combat the $1.2 trillion counterfeit luxury goods marketplace.
With the Luxochain system, available in the app, any buyer, before a purchase, both in-store and online, can check the authenticity of each product, verifying the information on the blockchain attached with each product. In case of theft or loss, it will be able to block the asset, so as to facilitate the recovery of the object and return it to its rightful owner, fighting the counterfeiting market.
Already in advanced talks with leading luxury brands, Luxochain offers a valuable service to consumers, protecting their purchases, and works side by side with brands providing an incomparable mechanism of transparency, contact, loyalty, and i-couponing towards their customers.
At the stage of manufacture, all authentic luxury products will be fitted with an invisible and encrypted serial number (a Block ID). The ID is associated with a token that is uniquely identifiable, to which luxury brands will register on the blockchain. Once inputted, the information can never be altered from the outside.
Certifying authenticity at the point of sale using blockchain technology, customers can scan the code and ascertain the authenticity of the product. Their product’s unique certificate reveals information including the make, model, origin and history across the supply chain. Merchants can use the blockchain to transfer ownership rights from themselves to new owners, which rapidly increases the chances of recovery in the event of theft. It will be possible to block or ‘bin’ a product in case of its being stolen, to ensure it doesn’t fall into the hands of illegitimate vendors. Products can be authenticated easily just by using the Luxochain mobile app.
Luxochain eliminates the security risk that arises from carrying large amounts of money. Lovers of luxury products can simply register on the platform and purchase brands there. The existence of the blockchain also eliminates the need for third parties and streamlines the relationship between merchants and buyers, something that can also be done in the second-hand market.