Luxochain Has Just Launched An Authentication And Tracking Service That Can Be Used For Luxury Goods On The Blockchain Technology

A blockchain based service referred to as the Luxochain, one that has been able to combine Radio Frequency Identification (RFID), Near Field Communication (NFC) and the Fingerprint Authentication (FPA) has just gone ahead to announce their new launch.

This is there new certified system called the Block ID that has been based on the blockchain technology. It has been designed to use unique token attached to every product that is on the market; this will help in combatting the $1.2 trillion in counterfeit goods that are sold in the marketplace.

Having this Luxochain system being made readily available on the app, as a buyer, before you make any purchase, this is whether in-store or just online, you will be able to check the authenticity of the product quickly.

You will also be able to verify the information that you have been presented with, and this is all thanks to the blockchain technology. In the event of loss of theft, the app is able to block the asset quickly, this helps in the facilitating the recovery of the said item and return to the rightful owner. As a result, it will be able to easily and quickly fight the counterfeit market.

The product is already in the advanced talks with various businesses in the market like some of the leading luxury brands. The Luxochain is offering a valuable service to their customers, ensuring their purchase is adequately protected and will be able to work closely together with brands that are providing the best mechanism to ensure there is transparency all through.

To ensure that the Luxochain works there are a few things that will be done. At the point of manufacturing this authentic product, it will get fitted with encryption together with an invisible serial number that is being referred to as the Block ID. The Block ID is able to create an ID that is directly associated with a token that is also uniquely identifiable, and from here the luxury brands will go ahead and register it on the blockchain technology.

Once all this information has been inputted to the system, the information cannot get altered by anyone from the outside.

When it comes to certifying the authenticity of the product at the point of sale, you will need to use the blockchain technology, as a customer you will be able to scan the product to ascertain its authenticity quickly.

With the unique certification that each product has, it is able to reveal several  information such as the model, origin, the make, together with the history of the product across the supply chain.

Merchants will be able to use the blockchain technology to easily transfer the ownership rights of the product from themselves to the new owner, and with this, it rapidly increases the chance of item recovery in case of a theft. The system has also made it possible to either bin or block a product when it gets stolen; this is to ensure that the product does not fall into the wrong hands. The authentication of the products has also been made easy all you will need is the Luxochain mobile app, and your good to go.

With the use of the Luxochain, it has been able to eliminate the security risks that tend to arise when you have to carry large amounts of money when purchasing a product.

If you are a lover of luxury products, then you can simply register on the company platform and go ahead and buy items. With the use of the blockchain technology it is able to eliminate the use of third parties in a transaction; thus, it is able to streamline the relationship that exists between the merchant and the customer, the good thing is it is also something that can easily be used in the second-hand market.

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