These pages aim to illustrate the blockchain powered tagging solution for the luxury industry, developed by LuxTag. It utilizes the NEM Blockchain Technology, offering smart contracts and multi-signature features. The project has the purpose of recording the provenance of luxury items, as well as allowing the customers to claim their ownership and verifying their authenticity.
Every luxury item has a story behind it: from the materials used, all the way through the processes until its completion. All these characteristics define the essence of the item and enhance its value.
The story does not end when the item is purchased, as everything that happens to the item after its first purchase, writes a unique story that is usually worth telling.
To give the deserved importance to the provenance of luxury items, LuxTag has created a solution that provides features such as anti-counterfeit, proof of ownership, and track & trace for manufacturers, brand owners, retailers, and customers.
In 2017, LuxTag started to service various sectors, one of which is the luxury industry. The technology company is currently servicing other industries such as fashion, art, education, jewelry, and documents.
Solution – Features
LuxTag’s solution protects luxury items with two layers of security, hardware and software. The hardware is a tagging solution that can be realized through different technologies such as QR codes, NFC, RFID etc. Depending on the items that need to be tagged, LuxTag designs custom solutions according to the wishes of the customer. The scanning of the technology leads to the second layer of security and allows the displaying of the software, the blockchain, on which the information about the item will be stored immutably in time.
The main property of the solution is the ability to track the luxury items from their creation all the way to their owners. It is not only about origins though, as the data registered on the blockchain can be updated, registering new events such as a change of property (second-hand sales or inheritance), an improvement or a repair. This characteristic allows the manufacturer to valorize the techniques and materials used, and to record the evolution and story of the pieces over time.
Another characteristic of the LuxTag solution is its anti-counterfeit feature, allowing verification of authenticity through the scanning of the hardware. Also, its proof of ownership feature, lets customers register themselves as owners of the pieces, contributing to the story of the items, and providing the brand owners with business insights, through which customer and market intelligence is gathered.
The flows below show how the solution can revolutionize the current luxury industry: situation.
Chronoswiss CryptoCurrency inspired watches – Use case
Chronoswiss, Swiss watch manufacturer, has created five exclusive lines of watches inspired to 5 different cryptocurrencies. Each line of watches includes 101 limited edition watches. The watches have been singularly registered by LuxTag on the blockchain with their unique characteristics and they will be sold using cryptocurrencies.
LuxTag recorded the features of the watches such as reference number, serial number, caliber and others on the NEM Blockchain and then created a plastic or metallic card to accompany the watches. Each card presents a unique QR code and a set of instructions that allow the customer to scan the code and access the blockchain account that represents the watch. From the digital certificate on the blockchain, customers can check the history of the item and claim its ownership, as well as verify its authenticity. Every watch presents a serial number on its structure that allows the physical item and the digital certificate to be associated.
LuxTag is an anti-counterfeit and anti-theft solution provider, utilizing the state of the art blockchain platform called NEM. The blockchain-powered service issues digitized certiﬁcates of authenticity for tangible products and, under the hood, links these to brands and owners through multi-signature contracts. The LuxTag technology provides additional business intelligence through innovative means of enhanced customer engagement.
About the Technology
The company uses blockchain technology to register any asset. Blockchain is a data structure that represents a ledger, programmed to record and track anything of value while being distributed and without a central point of authority. Unlike a normal database, Blockchain has a non-destructive (immutable) way to track data changes over time. Because of its decentralized and distributed network of nodes in fact, data tampering cannot take place. As there is no central point of authority, Blockchain allows peer-to-peer interaction saving time and money.
The LuxTag patent-pending technology resides in the application layer utilizing the NEM Blockchain core, in order to generate and maintain digital certificates. NEM Blockchain Technology allows LuxTag to give its customers an unmatched level of versatility and quality, not found with any other service, ensuring customer satisfaction.
LuxTag set out to provide a digitized tagging solution for luxury products. Soon the team realized that the solution could be catered to many different markets. Therefore, we decided to focus on multiple industries and on their specific challenges. As of today, these industries include Fashion and Apparel, Jewelry, Documents, Luxury, and Art.
At LuxTag, we believe that everyone has the opportunity to do their own part making the world a better place. Every day our company strives to create more secure and trustworthy environments through innovation, integrity and cooperation. We are a team of dedicated individuals who work hard to provide our customers, partners, and employees the best services possible. Listening closely, is the root of every relationship we build.
To learn more about LuxTag, please visit www.luxtag.io or contact Sheng (COO) at email@example.com