The LuxTag™ Solution
We are providing the first ever digitized certificates of authenticity for products (or machines, or vehicles, etc.) on a blockchain that will be updatable, can have messages attached, and their conjoint ownership can be flexibly transferred. In LuxTag, the certificates are fully-fledged accounts on the blockchain. These digital token accounts will be used to stop counterfeiting of items, track the status of the item throughout its life, and further provide post-sale big data to companies to which they currently don’t have access. The Blockchain records these events and appends them to the notarization account which represents the tokenized luxury item. Past data is immutable.
Big Data is referring to the recording of transfers of ownership and/or repair information, mileages in the case of vehicles or i.e. hours of operation for heavy machinery. Thinking about luxury watches: manufacturers can visualize their movement through second-hand markets because representations of LuxTag enrolled items never “expire”. They continue to be passed from person to person, and update notes added to the certificates provide big data opportunities for watchmakers to analyze how their products are being used and sold as pre-owned items.