KORE Technologies has developed an ideal solution for the luxury industry to fight the growing extent menace of counterfeiting and theft by protecting a product’s identity throughout its lifetime.
The road to digitizing assets has just started and will continue for the next 20 years. There is an immense potential in front of us, that will require adequate skills to implement what lies ahead. KORE provides exactly that: your long term solution partner in frontier technologies around blockchain technology and digital assets.
How LuxeID Helps in Securing Digital Assets?
KORE Technologies has developed an ideal solution for the luxury industry to fight the growing extent menace of counterfeiting and theft by protecting a product’s identity throughout its lifetime. LuxeID – The Digital ID for Luxury Goods is a blockchain-based digital authentication solution that allows brands to create digital twins of their high-value goods as non-fungible tokens (NFT). The NFTs work as an inviolable proof of authenticity and can prove ownership straightaway should customers wish tore-sell, transfer ownership, or auction.
LuxeID has three pillars of functionality:
· LuxeID APP allows luxury brand companies to manage digital certificates (NFTs) and wallets from a single, secure location, ensuring full control over all transactions.
· LuxeID WALLET is a fully branded wallet integrated into existing CRM systems provided to both customers and merchants to store their digital twins.
· LuxeID CONNECTOR allows seamless communication between brands and KORE’s central servers connecting block chain protocol of choice to the existing IT-system landscape.
With LuxeID, both sellers and customers benefit from more transparency. This one-stop-shop solution allows stakeholders to claim authenticity, track ownership, make informed decisions and drive the luxury consumer experience.
Curated Blockchain News
Fake copies and counterfeiting of goods cost luxury brands billions of dollars every year. Prioritizing innovation in a crisis, luxury brands are turning to blockchain technology that allows consumers to verify the authenticity of the luxury goods and offer the highest quality of transparency, security and traceability across the lifecycle of the product. Blockchain technology can also play a pivotal role in addressing long-standing challenges of the luxury industry by enhancing supply chain operations, improving data management tools, and reducing the risk of counterfeit and grey markets.
Luxury brands can now protect real-world assets in a digital format with LuxeID, says Thomas Taroni
Thomas Taroni, Chairman and CTO of KORE Technologies and its sister company Phoenix Systems explains how they intertwine tailored software and hosting infrastructure from one source to generate unprecedented security and efficiencies for businesses. The company supports the use of confidential computing for high-end security and discusses its innovative one-stop-shop solution called LuxeID, which helps luxury brands store & protect their physical goods through digital certificates. “We connect data centers in the U.S. as well as Switzerland” – Sponsored(foreignpolicy.com)
Digital NFT clothing & designer real-life skins –Digitized Fashion is the new tech trend
From cyber outfits to NFT clothing, fashion is trending to a digitized virtual future. Luxury fashion brands are creating crowd-pleasing avatar skins that redefine the way people express themselves and ace their style game while being ecologically responsible. These 3D garments with dramatic designs could be the next big thing for those who want to maintain an aesthetically intriguing presence in the digital realm. NFT clothing and designer avatar skins: how fashion is being digitised(thenationalnews.com)
KORE Technologies Insights & Comments
Amid burgeoning consumer concerns regarding the proliferation of strikingly similar fakes and counterfeit goods, blockchain is here for the rescue. From the estimated $4.5 trillion of counterfeit goods in circulation, 60-70% accounts for fake luxury goods alone. Blockchain technology provides a way for luxury brands to track product history and provide consumers with proof of authenticity while offering a core value proposition that is firmly centered around ‘trust’ – something that echoes well with the luxury industry. Enhanced transparency will also help businesses strengthen client relationships. However, enterprises need to realise that counterfeiting is an industry-wide problem, and is best addressed using a unified approach that suggests an industry-standard solution rather than each brand developing their own disparate solution. The blockchain-based LuxeID is a one-stop-shop solution that allows luxury brands to create unforgeable, tamper-proof NFT-based digital certificates from physical assets.