How does it work?

Blockchain technology has been around since 2009 with the invention of Bitcoin. By now it is becoming a proven technology. In 2012 the first “proof-of-existence” website named www.proofofexistence.com started to offer a compelling new use case of Blockchain tech – to do document fingerprinting and timestamping. They created hashes (or “digital fingerprints”) of documents and saved those into the blockchain, thus proving that the fingerprinted version of that document had existed at that moment in time when it was saved into the blockchain, and it was in the possession of the person who fingerprinted it.

This is helpful for use cases like copyrights, and hashes of backups or contracts – in order to make sure that data has not been tampered with or corrupted.

Since 2012 several startups have received millions of dollars in funding to deploy proof-of-existence services, but none have significantly added to the basic model of 2012, embedding one-time fingerprints in a blockchain. That is until we invented LuxTag powered by NEM.


The LuxTag service allows a company not only to put proof that a document existed on the blockchain by timestamping its existence, it now allows an ownership of that existence to be transferred, or have the ownership split. It can also be updated, and contracts can be set up so that either one or more parties have to mutually agree on an update before it can be saved in the blockchain.

The LuxTag system also allows branding of the blockchain accounts with unique names reserved on the blockchain, similar to unique domain names on the internet. Just as we nowadays trust a service or product purchased on the web because it came from a reputable website, in the LuxTag service we can now trust a digitized certificate because it comes from a reputable and unique blockchain account name.

These asset tags and certificates on the blockchain can be tracked as they are transferred from user to user, e.g., when items are bought and sold in second-hand markets. These certificate accounts can have notes attached to them explaining additional repairs, updates, or changes in the status of the product they represent.

Our plan is to target luxury brands with product first, to kickstart the business. Our first customers could be luxury watch makers. By embedding LuxTag technology to their watches as they are sold, the buyers of the watches can know with certainty that they are buying an original watch. Any counterfeiters trying to fake a LuxTag certificate will be leaving behind a definitive and transparent record of their crime pointing directly back to them. This will significantly reduce the number of counterfeit watches being passed off as originals.

We are in contact with the World Customs Organization (“WCO”) in Brussels, Belgium in order to support their fight against illicit counterfeit using our technology.

Branding

Identity Creation & Endorsement

Our LuxTag solution provides an everlasting legacy of the brand of our clients. Unlike most proof-of-existence blockchain solution, we use Namespace to allow people to easily identify brands in the blockchain explorer and create their living legacy on that blockchain. We bring greater collaboration and credibility of businesses by allowing endorsement of government entities to the brands on the blockchain.

Creation

Creating LuxTag HD Account as Digital Certificates on the Blockchain

LuxTag unique and patented digital certificates are what separates our project than most blockchain solution. Manufacturers that create their product can use their product unique identifier (ex: serial number) to create an account on the blockchain which represents the product. This account is updatable, can received messages and be conjointly-owned. This allows us to create a highly-tailored solution to our clients benefitting themselves as the manufacturers and their customers.

Transfer

Transferring Digital Certificates

LuxTag digital certificates can be easily transferred on the blockchain which creates an immutable record of ownership transfer transactions of the product. Customers of the product can leave their legacy trail of owning the luxury product on the blockchain, creating greater product value and loyalty. Owners of the product can decide whether they want the product to be owned by multiple parties at their personal need and convenience. All these records of transaction will open a new door of big data to brand owners and manufacturers – because now they can finally visualize the secondary market movements of their manufacture.

Update

Adding New Information to the Digital Certificates

Our digital certificates have the capability to record all information of interest to potential owners throughout the lifetime of the product, easily accessible and nicely organized inside the digital certificate. This creates greater value for the product especially in the secondary luxury product market where trust is a serious issue for pre-owned product buyers. Manufacturers, repair shops and agents can easily send messages to the digital certificate to update new information related to the item.

Verification, Audit and Analysis

Confirming Authenticity of Products & Big Data

Potential buyers of “LuxTagged” products can easily verify the authenticity of the product on the blockchain. Even better, potential buyers can have access to the overall history of the product, from their manufacturers, to the repairs they undergo and even (encrypted) information of previous owners. This easily pushes counterfeit and stolen items from the mainstream secondary market as each illicit products would not have transferrable certificates or digital certificates created by the manufacturer on the blockchain. All these transactions and historical information of products gives new opportunities for manufacturers and insurers to analyze and monetize this extensively useful big data.

Backup and Recovery

Multi-channel Recovery

Tailored to the needs and convenience of our clients, we provide multi-channel recovery for the manufacturers’ customers who are using LuxTag. The backup and recovery service can be made agnostic and easily available even beyond the lifetime of the manufacturer or our company.

Open

Hiring developers (full-time, in-house in Malaysia) with specialization VUE.JS. Contact elmi@luxtag.io today.