BlockchainMarket

Luxury Blockchain Establishing the Commodity Tracking System

Secoo has announced a partnership with Emotionally Unavailable, which is designed by Chinese pop-star Edison Chen. Chen attended the event where the announcement was made and shared his reason for choosing Secoo for the partnership. Secoo also launched the blockchain, and applied this new technology on specific luxury items sold on Secoo’s platform.

Champion Ren mentioned that this achievement is based on Secoo’s authentication and anti-counterfeiting capability. After the authentication, every item can contain anti-counterfeiting information and Secoo will upload the information to the blockchain system for storage. Relying on the blockchain technology, decentralization, non-modification and traceability, products will have a unique identification with multiple points of information for anti-counterfeiting. Consumers can also use Secoo’s mobile application to find detailed information to ensure the products’ authentication.

At the press conference, Ren also illustrated the steps to use the blockchain to achieve the traceability with product name, colour, size, authentication information and blockchain information. He also stated that Secoo is the first company to launch a luxury blockchain in the industry. Secoo has many bnefits, such as physical offline experience centres, warehouses and strong partnerships. In the future, Secoo will also help partners to open the commodity information upload and traceability privileges.

The official launch is attributed to the efforts of the whole company over several months. In the future, Secoo will use the blockchain in more commodity categories and seek more cooperation and partnerships to jointly improve the luxury industry.

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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