Luxochain fights counterfeit with blockchain and starts from the wine industry. The blockchain application was presented at Vinitaly 2019 to protect the quality of Italian wines.
Guarantee the authenticity of luxury products by defending consumers and producers against counterfeiting and protecting Made in Italy. With this objective in mind, Luxochain has been created, which in the last two years has developed a technology that uses the blockchain, creating a digital passport that uniquely identifies a product from the high range, attesting to its originality. In practice, each product, whether it is a bag of a luxury brand or a precious wine, will have its own “digital twin” registered for life on the blockchain, so it cannot be modified by anyone, maintaining product traceability and guaranteeing its authenticity. Moreover, through an application on a smartphone, each person will be able to know if the product is authentic or stolen, know its history and sell it safely.
Luxochain, during the OperaWine press conference, presented the first application dedicated to anti-counterfeiting and protection of Made in Italy for Italian and non-Italian wines.
“With Luxochain we want to tackle the problem of counterfeit products which, even in the wine sector, are growing in an alarming way. We came here, at the opening event of Vinitaly, to present our solution to the 100 best producers selected by Wine Spectator. The producers they immediately understood the importance of our product and we found great interest “, declares the entrepreneur Natale Consonni, who in July 2017 founded the company together with other entrepreneurs in the product certification sector.
Luxochain is the first solution of its kind, applied to the wine industry, as “it offers a disruptive alternative because it makes consumer purchases secure through the blockchain, making the process of certifying wine unalterable, even with us we enter data first on the blockchain. This guarantees the originality of the product and gives further security in the sale “, highlights the Chief Operating Officer, Federico Viganò.
Our product does not impact on business processes as we integrate the technologies already present for tracking on bottles “The information that the producer writes within this reader is saved inside a unique, non-fungible token that is stored in the portfolio Luxochain – explains Davide Baldi CEO of the company – and we are happy that Giovanni Mantovani CEO of Verona Fiere has focused on the digitization of the event for the next edition.
In this way, when a sale is made, with the passage of the good, the certificate of ownership of the digital good is also passed, which cannot be modified by anyone else, except by the actual owner of the product. We have created additional valuations such as the possibility of being able to inform potential new buyers in the event that the product should be stolen or lost by the owner and greatly discouraging refilling ”.
The consumer, by bringing his smartphone closer to the chip, will be able to easily discover all the information on the product and verify its authenticity. “The added value compared to competitors is to have the appropriate technology to be able to certify any type of luxury product and tie it on the blockchain, making the certification process unalterable.