LuxTag, more then just an Anti-Counterfeit solution
This article first appeared at the Medium.com publication of LuxTag.io
Initially, “LuxTag” was a working title for our invention which we created for the pitch competition of FF17 at the Fintech Payments Conference in November 2016. We had luxury watchmakers in mind — addressing their pain points of their products being faked, stolen and often illegally traded in the second-hand market.
We had decided to create a blockchain-powered anti-theft, anti-counterfeit solution for the luxury watch industry. And we did.
Our solution came with a bonus feature, which by now has emerged into becoming a core functionality – the big-data analysis of second-hand market sales and repair or service events.
We very soon realized that our system is capable of servicing a larger market than “only” the luxury watch sector.
This is virtually every sector dealing with valuable long-life assets!
Thinking about heavy machinery, manufactures can tag their products to maintain geographical distribution allocations intact and read service update messages from the blockchain database. The automotive industry can create a Certificate-of-Conformity on the blockchain to certify they genuinely manufacture the vehicle on the one hand and allow the enforcement of ownership transfer to be mirrored in the virtual world on the other hand. Even road tax and insurance status could be maintained on the blockchain appended to the vehicle’s “account on the blockchain”. Road safety and law enforcement agencies can read the information easily.
Or – imagine a world without fake pharmaceuticals. Hologram stickers have been proven to be imitable too easily.
Immediately when we realized the powerful potential of our project – we quickly sorted out our patent application for this system and its technical working method.
Now, we are contemplating between selecting which industry to work with first or to accept a Series A funding in exchange for equity.
“Now, we are contemplating between selecting which industry to work with first or to accept a Series A funding in exchange for equity.”
Our project uses the NEM Blockchain Technology. Its core allows the mechanisms LuxTag leverages on. You may want to check out NEM, too. Who knows! Perhaps NEM can power your next blockchain startup invention, too?