You are in: Home » Operations and Logistics » Authenticity and ownership of luxury goods to be tracked by blockchain-powered tool
A new blockchain powered technology that protects ownership and tackles the growing blight of counterfeiting has been quickly adopted by businesses keen to protect themselves and their customers.
UK based DNA, who officially launch their tech solution this week, create unique digital passports which prove authenticity and ownership of jewellery, collectibles, art, rarities and luxury goods.
The technology makes virtually any physical product instantly verifiable storing every historical transfer of ownership, and other information about the product, on a unique DNA digital passport/bearer share (Native Asset) which is then safeguarded on the Kadena blockchain platform.
DNA is built for mass adoption and users of all skill sets as a plug & play solution that facilitates a brand’s transition into Web 3.0 without the need for cumbersome and complicated blockchain infrastructure. From first sale through to every resale, DNA guarantees provenance-boosting confidence for buyers and sellers alike.
For brands this also creates a new and more meaningful connection with consumers/owners which remains in place for the entire lifecycle of the product.
The innovation was given the ultimate seal of approval this week when Sotheby’s announced the sale of a highly valuable Paraiba Tourmaline ring from Austrian jeweller Schullin verified with a DNA Native Asset. This is the first time any auctioneer has sold a piece of jewellery guaranteed in this way.
The handmade platinum ring features a 49,88ct natural oval-cut Paraiba Tourmaline and 60 baguette-cut diamonds and is worth between £140,000-£180,000.
The jewellery sector has been quick to wake up to the potential of DNA which can protect gems, watches, stones and other pieces as they are sold, resold or inherited through generations.
Lukas Schullin, the manager at Schullin Wien, says: “We’re very impressed by what DNA has created and the solution they offer – it made sense to use the technology for the upcoming Sotheby’s sale, which features a unique piece. We’ve explored a number of digital verification solutions in the past but none work as effectively and seamlessly as this one. For us, simplicity and ease of use is what sets it apart. The fact it can be used by anyone makes it the perfect solution for all of our customers including those who may not be particularly tech savvy. It offers the power and security of the blockchain without all the headache of having crypto currency and a digital wallet.”
DNA co-founder Douglas Jakobi adds: “We’re delighted with the reaction to our service and early adoption of the technology by some key sectors including jewellery and art. Our mission is to empower a safer & more reliable online marketplace bringing the power & security of the blockchain to the mainstream with a simple to use platform that bridges the physical and digital worlds. We enable brands to tokenize their physical products to fight counterfeiting, empower and reward 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 objective of DNA is to harness the power and possibilities of the blockchain for practical real world uses in a way that is accessible to all. There is a certain anonymity about products on the web which makes fraud and counterfeiting rampant. Our mission is to fix that so that brands, creatives and their customers are protected. There are many exciting things that can be built upon this technology that will improve the way brands interact with their customers and how they set up a more responsible circular economy.”
Other sectors are also adopting the technology. Leading US artist and Skateboarding legend Steve Olson’s recent gallery show in New York “Beautiful Explosion”, DNA’s first pilot project, came with their own unique DNA certificates.
The technology is a highly sustainable solution for brands interested in improving ESG. It is built on Kadena’s environmentally friendly Proof-of-work-layer-1 blockchain.
The technology has the added benefit of indirectly patenting design by leveraging the intrinsic nature of blockchain, each transaction can be traced back to a specific point in time. This can directly help jewellers or artists protect original designs or creations, creating a repository of their work.
DNA also gives brands direct access to the consumer/owner community throughout the entire lifespan of a product, enabling them to set up a secure and reliable resale market and embed royalties for secondary market transactions.
Joel Woodman, Ecosystem Business Development at Kadena, says: “DNA is an exciting business bringing a much needed service/technology to life, and we’re proud they’re building this on Kadena. Kadena believes in the potential of blockchain to revolutionize how the world interacts and transacts, and businesses like DNA are bringing this vision to life.”
Receive 3 newsletters per week
Gain access to all Top500 research
Personalise your experience on IR.net