Unsure if fine art or a luxury watch is real? This blockchain-based project has your back
A Swiss foundation is using blockchain technology to authenticate artwork, luxury goods, digital media and collectibles — protecting the interests of consumers while returning control to creators.
In an ask-me-anything session on Cointelegraph's YouTube channel, ORIGYN CEO Daniel Haudenschild described how his organization's technology is helping to clamp down on counterfeits, and increase confidence in upmarket items.
Ultra high-resolution pictures of an item are taken and rich metadata is then packed into a nonfungible token. "Microstructure traceability" is used so computers can recognize distinctive objects later on — making distinctions the human eye cannot.
"Not just 'it's a watch' or 'it's a handbag' — down to the serial number and down to the unique item," Haudenschild explained.
Physical items that go through ORIGYN's process are subsequently awarded with a certificate of authenticity — and a guarantee to buyers that, if an item isn't genuine, insurance will pay for the damages.
Giving an example, Haudenschild explained how his platform is working with a gaming company called Cryptopolis — a "social climbing game" that boasts Sims-like characters. As players ascend the tower, their status increases and rewards are unlocked. One especially coveted prize will be a digital Rolex avatars can wear — and this will be accompanied by a physical certificate that unlocks a real-world Rolex that can be redeemed at ORIGYN.
The project also works with the likes of WatchBox, which positions itself as a global leader in pre-owned luxury watches. Through ORIGYN, this business is obtaining blockchain-based certificates of authenticity that give shoppers far greater peace of mind.
During the Cointelegraph AMA, Haudenschild stressed that
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