Tamper-proof authenticity with blockchain-powered certs
Blockchain technology offers transparency and provenance, two significant features when it comes to authentication of a ledger of transactions.
Luxtag, a notarisation certification solution, takes these two values beyond the blockchain network, to wage war against fake goods in the real world.
The Organisation for Economic Cooperation and Development, or the OECD estimates global trade of counterfeit/pirated products, to be worth around half a trillion dollars a year. That’s 2.5-percent of total global imports.
The notion of using the blockchain for authentication, has been around for a long time and it makes perfect sense because of the concepts of trust and data integrity that the blockchain offers, and which authentication requires. And then in 2012, proof-of-existence (PoE) applications began to emerge.
PoE aims to prove and authenticate any record or document, by taking the hash or digital fingerprint of it and storing it in the blockchain, which simultaneously proves two events – the fingerprinted version of that document had existed at that moment when it was saved into the blockchain, and it was in the possession of person who fingerprinted it.
This is the main fundamental for PoE services, but Luxtag takes it beyond just timestamping as a means to authentication.
Luxtag’s solution, which can also be called an anti-counterfeiting system, is end-to-end, from app integration right up to product tagging.
This is especially useful in the world of luxury and premium goods which is rife with fake versions so much so, it gets increasingly difficult to know what is original anymore.
Co-founder and CEO of Luxtag, Rene Bernard, said, “At Luxtag, we strive to redefine the concept of identity, ownership and data governance of products for the digital age.”
Items of value and/or importance usually come with a certificate to prove their authenticity, but these could be fake as well, and it is usually very difficult to have them validated.
Luxtag’s blockchain-based certificate, is digital, proved as valid because it exists, and is even transferrable.
Above all, Luxtag’s certificate cannot be copied.
Ok, but how does it work? Think of Luxtag as the foundation layer which enables communication between mobile apps and the blockchain.
With just a simple scan via mobile or keying in of the product serial number, interested buyers can access information like the product’s history, its past owners, notes about the product, and they can even add in their own notes.
Needless to say, this service can be applied to more than just luxury items; diploma certificates, event tickets and socks, for instance.
In late March, Luxtag announced a collaboration between themselves, the Ministry of Higher Education (MOHE), and a consortium of premier universities, to create a blockchain-based solution to stamp out falsified university diplomas and achievement certificates.
Luxtag’s anti-counterfeiting solution is based on the NEM blockchain which will undergo a very large upgrade in April.
Bernard also hinted at the Luxtag brand name possibly changing to reflect their new industry-focused approach, moving forward.