LuxTag: Using Symbol to create digital Certificates of Authenticity
Challenge
In today’s world, many sectors suffer from the global problem of counterfeiting for both physical items and intangible things: data, information, skills, works of art, luxury items or products.
Each valuable item has a unique story, which can be lost and forgotten. Moreover, with the loss or theft, it is almost impossible to prove ownership, track the location of the item and retrieve the stolen goods.
Diplomas and certificates are often faked and sold on the black market, and such a problem has become widespread. Validating and verifying the authenticity of documents is time-consuming and inefficient for both employers and universities.
The total trade in fakes is estimated at around $4.5 trillion, and fake luxury merchandise accounts for 60% to 70% of that amount.
How luxury brands beat counterfeiters,
HBR, May 24, 2019
Approach
LuxTag‘s solution aligns the best of both worlds by gathering the incorruptible nature of blockchain and the practical functionality of hardware, connecting the digital & the physical world by creating digital representations of valuable items.
LuxTag uses the principle of a unique and secure digital twin for individual items. This concept allows for information about product movements, their origin, and ownership properties to follow the real-world transactions. We use blockchain technology to secure the data, using cryptographically secured blockchain accounts (with address, public key, and private key). Further, we leverage multi-signature smart contracts, so that ownership relations are reflected as access rights in the blockchain database ‘twins’ world.
The LuxTag patented technology resides in the application layer utilizing the NEM NIS1 blockchain core, in order to generate and maintain digital certificates. NEM NIS1 blockchain technology allows LuxTag to give our customers an unmatched level of versatility and quality, not found with any other service, ensuring customer satisfaction. We have numerous successful deployment of Symbol private blockchain for our enterprise customers over the past two years. The API layered architecture and the benefits of using PoS+ make it easy for us to recommend the use of Symbol to our customers. LuxTag uses multi-level multi-signature accounts extensively in our products to generate smart assets on the blockchain.
LuxTag has used Symbol since before it was called Symbol. We’ve deployed Symbol private chain installations for production use since 2018 and are following the development progress closely. We’re excited about the Symbol mainnet public chain launch later in 2020, particularly because it will allow unprecedented direct searchability of blockchain data-sets without the need for secondary pegged databases.
Rene Bernard
CEO and Co-Founder, LuxTag
Benefit
LuxTag provides customers a reliable way to preserve the authenticity of objects and enables businesses & their customers to deter counterfeit, prove ownership, and provide track & trace for their products, allowing the assurances to supersede assumptions. Additional features such as counterfeiting prevention, one-click registration and transfer of ownership.
Businesses can access LuxTag’s business analytics module that provides business intelligence info, such as the second-hand market, complementing the experience of using LuxTag technologies.
Luxtag doesn’t just provide the solution to account for unique items and protect them against counterfeit. LuxTag is a holistic system that comprises both anti-counterfeit, business insights, including post-sales insights, and customer engagement. With a combination of these, we were able to design solutions for different industries.
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