Luxochain’s technology uses blockchain technology to create a digital passport that can uniquely identify a single high-end product.
In this way, owners can keep all the unique digital property certificates of their products in their wallets: this gives them the opportunity to show, when required, their certificate of ownership of a given object, which also certifies its authenticity.
This certificate, called the digital twin of the product, will be a non-fungible (i.e. unique) token registered on the blockchain by the manufacturer, with all the production data of the product itself, and it will be public and not modifiable.
When there is a change of ownership this token is moved from the wallet of the previous owner to that of the new one, certifying the exact ownership.
The certainty of the Made in Italy is given by the fact that only the owner of the token can make the transfer of ownership, making it virtually impossible to falsify.
Moreover, since many luxury products have already integrated RFID tags, the Luxochain service is able to read the data thanks to special electronic devices and to record automatically the transfer of ownership.
The service has been developed for manufacturers, but it is aimed at consumers because they need certificates of authenticity for their products.
Luxochain has created a user-friendly Instagram-style app that allows even those who know nothing about blockchain or cryptocurrency to verify the actual ownership of the token at the time of purchase and to receive it from the sellers themselves.
In addition, if a product is stolen or lost, the owner has the right, thanks to the app, to report theft or loss, so as to make it even easier to return it in the case the product is found.
The app is already available in beta version for Android and iOS. The main market should be that of high-end Made in Italy products, although for now, the first customer is a company in Singapore.
Davide Baldi, co-founder and CEO, said:
“Our ambition is to become the most important industrial reality in the anti-counterfeiting of luxury goods starting from products Made in Italy“.