Authenticity and ownership of luxury goods are tracked with a blockchain-powered tool

Authenticity and ownership of luxury goods are tracked with a blockchain-powered tool

A new blockchain-powered technology that protects property and tackles the rapidly growing scourge of counterfeiting has been adopted by companies keen to protect themselves and their customers.

UK based DNALtd., who officially launched their tech solution this week, have created unique digital passports that prove the authenticity and ownership of jewelry, collectibles, arts, rarities and luxury goods.

Technology makes virtually any physical product instantly verifiable that each historical transfer of ownership, and other information about the product, is stored on a unique digital passport/shareholder (original asset) which is then protected on Cadena blockchain platform.

DNA is designed for mass adoption and for users of all skill sets as a plug-and-play solution that facilitates the brand’s transition to Web 3.0 without the need for a complex and complex blockchain infrastructure. From the first sale to every resale, DNA ensures confidence is built for buyers and sellers alike.

For brands, this also creates a new and more meaningful connection with consumers/owners that remains valid throughout the entire product lifecycle.

Innovation was given the final seal of approval this week when Sotheby’s announced the sale of a high-value product Paraiba Tourmaline Ring From an Austrian jeweler Shulin Verified using original DNA. This is the first time any auctioneer has ever sold a guaranteed piece of jewelry in this way.

This handcrafted platinum ring features a 49.88-carat oval-cut natural Paraiba Tourmaline stone and 60 baguette-cut diamonds and is valued between £140,000 and £180,000.

The jewelry industry was quick to take note of the potential of DNA that can protect gemstones, watches, stones and other pieces when sold, resold or passed down through generations.

Lukas Schullin, Principal at Schullin Wien says: “We are very impressed with what DNA has created and the solution they provide – it made sense to use the technology in Sotheby’s upcoming sale, which features a unique piece. We’ve explored a number of digital verification solutions in the past but none have worked effectively and smoothly. Such a solution For us, simplicity and ease of use is what sets it apart from others The fact that it can be used by anyone makes it the perfect solution for all our customers including those who may not be particularly versed in technology It provides the strength and security of the blockchain without All the hassles of having a cryptocurrency and a digital wallet.”

DNA Co-Founder Douglas Jacoby adds: “We are delighted with the reaction to our service and the early adoption of technology by some key sectors including jewelry and art. Our mission is to enable a more secure and reliable online marketplace, bringing the power and security of blockchain into the mainstream through a platform Easy to use connects the physical and digital worlds. We enable brands to code their physical products to fight counterfeiting, enabling and rewarding loyalty and ownership. In short, we strengthen the relationship between brands and their customers by helping build consumer trust.”

DNA Co-Founder and CTO Abraham Milano says: “The challenge and goal of DNA is to harness the power and potential of blockchain for practical uses in the real world in a way that everyone can access. There is a kind of anonymity around products on the web which leads to widespread fraud and counterfeiting. Our job is to fix this so that brands, creators, and their customers are protected. There are many exciting things that can be built on this technology that will improve the way brands interact with their customers and how to create a more responsible circular economy.”

Other sectors are also embracing technology. A pioneering American artist and skateboarding legend Steve Olson’s latest exhibition in New York Beautiful Explosion, their first DNA experimental project, came up with their unique DNA certificates.

The technology is a highly sustainable solution for brands interested in improving ESG. It is built on the eco-friendly blockchain from Kadena’s Proof-of-work-layer-1.

The technology has the added advantage of indirectly granting design patents by taking advantage of the intrinsic nature of the blockchain, and each transaction can be traced back to a specific point in time. This can directly help jewelers or artists protect original designs or creations, and create a repository of their work.

DNA also gives brands direct access to the consumer/owner community throughout the entire product lifespan, enabling them to create a secure and reliable resale marketplace and including royalties for secondary market transactions.

“DNA is an exciting business that brings a much needed service/technology to life and we are proud that they are building this at Kadena,” says Joel Woodman, Kadena Ecosystems Business Development. Kadena believes in the potential of blockchain to revolutionize how the world interacts and transacts, and businesses operate. Like DNA to revive this vision.”

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