- March 8, 2019
- Posted by: BlockX
- Category: Blockchain
Blockchain technology is the revolutionization of the economy and financial world. It is a secure and transparent system in which all transactions are published in a public database, in chronological order. The transparency and availability of this ledger to the public is a security mechanism that makes it difficult to alter as many copies are distributed and everyone has the same one. Alterations in blockchain are very easily discovered as it is open to everyone.
Another important quality of blockchain technology is its decentralised nature. Rather than being controlled by just a few people behind closed doors, like most things in the traditional finance industry, it is at the purview of everyone. Other important qualities include that the exchange or transfer of assets in a blockchain happen directly between the two contracting parties. There are instant verifications and validation of the transaction which give it safety and security.
Now, imagine this awesome peer-to-peer technology being deployed for luxury good items, ensuring the direct transfer of luxury products from the official manufacturer to you, the desiring consumer, no middle men, no opportunity for counterfeits, errors, or changes. Doesn’t that sound good?
That’s what Luxochain offers.
We are taking on the gray market and the Italian sounding market as a starting point in countering the global problem of counterfeits. We aim to ensure that our customers get the trusted and authentic products they purchase in a secure and credible system.
We are developing a system, deploying blockchain technology, around a digital passports which follows a transaction from initiation to realisation, checking and validating at every phase to ensure its originality and trustworthiness.
We will be combining both blockchain and RFID to ensure that counterfeits are identified, distribution goes smoothly, and there are no breaks in the logistics chain. This system offers an automatic tracking of products in the supply chain and helps with inventory checks and controls at the warehouse. All these, when deployed aim to guarantee consumer satisfaction in the purchase of luxury good.
We understand how much of an investment luxury purchases are and seek to protect both the brands and the consumer from disappointment and illegitimate elements in the supply chain.
The manufacturer in the chain will get registered RFID chips which will be included in the product when handed to the transporters. This will make each product, clearly marked and identifiable at every point in the process. Even when using any middlemen, the deployment of RFID chips will ensure that all data on the transfer and transportation of the product is recorded and available. Once the product gets to the consumer at the final stage, any changes and alterations will be stored using the blockchain technology and the points at which this occurred can be clearly identified.
This is a guarantee like no other that products can get to the consumer safely and intact.