Luxury goods traceability company Chronicled may attend Shanghai Blockchain International Week

Baozou Commentary : Product management and anti-counterfeiting in the luxury market have always been difficult to overcome technical difficulties. The essence of blockchain technology is as a distributed database, which is characterized by being unforgeable and tamper-proof. The characteristics of blockchain have brought hope for the final solution to this problem. Enterprises can monitor and review product dynamics and identities in real time by associating products with blockchain product information. Chronicled is a startup company founded in 2014 that is committed to ensuring the authenticity of consumers' products.

Author: Amber Dingding

With the development of blockchain, it involves more and more fields, from smart securities to today's identity traceability authentication, all of which reveal the matching and running-in of blockchain with various industries. Due to the immutability of blockchain, many startups have begun to use blockchain to register luxury goods to achieve traceability and anti-counterfeiting purposes. Among them, several well-known overseas companies are also among the invested companies of Distributed Capital.

At present, there are two luxury goods traceability companies in the world, Everledger and Chronicled. It is reported that these two companies may attend the Shanghai International Blockchain Week activities co-organized by Wanxiang Lab and ChainB in September to have in-depth exchanges and interactions with blockchain peers.

To give a brief introduction, Chronicled, founded in 2014, is committed to ensuring the authenticity of consumer products. Through the "smart tags" in the shoes, they connect to the consumer's Apple or Android applications, and then use blockchain technology to enter the shoe information into the distributed ledger. The "open registry" formed in this way can support the sale of sports shoes. Chronicled is one of the earliest startups to use blockchain for luxury anti-counterfeiting. It mainly performs anti-counterfeiting traceability registration for high-end collectible sneakers. Collectible sneakers are registered on the blockchain so that they can be distinguished when they are traded in the second-hand market.

Specifically, Chronicled's model has two key steps. The first is the authentication of sneakers, and the second is to put the sneaker information on the blockchain. Friends who play sneakers know that the authentication of sneakers is a big deal, and the increasingly sophisticated technology of counterfeiters has even left veteran players at a loss (remember Fujiwara Hiroshi asking for authentication on Instagram some time ago). In addition to the familiar shoe label authentication, there are also many tricks in the details such as the midsole and steel stamp.

Chronicled has developed an electronic tag that contains a key based on blockchain records. Wearing a pair of sneakers with this tag is equivalent to having a certified identity in the entire network built by Chronicled. All its transaction information will be recorded by all participants and fully disclosed.

According to Chronicled's idea, they will implement a "three-step" strategy. Starting from the player market, gradually covering physical retailers and major brands, and creating a safe and traceable trading platform for the increasingly popular sneaker market.

Chronicled sees that blockchain provides a solution for the future decentralized market order in the financial field. The flow of funds will no longer rely on the blockchain technology characteristics of banks, and can largely protect our rights and freedom in terms of authenticity identification.