UK blockchain-based startup, DNA, this week launched a tech solution in order to help tackle the growing issue of counterfeiting in the luxury retail industry.
DNA create unique digital passports which help to prove authenticity and ownership of jewellery, collectibles, art 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 (Native Asset) which is then safeguarded on the Kadena blockchain platform.
DNA has constructed their tech with mass adoption in mind, enabling brands to transition to Web 3.0 without the need for “cumbersome and complicated” blockchain infrastructure.
For brands, DNA believes the technology creates a new and more meaningful connection with consumers and owners which remains in place for the entire lifecycle of the product.
“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,” luxury jewellery retailer Schullin Wien manager Lukas Schullin said.
“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 added: “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.”