The CryptoKitties boom that almost generated a collapse of the Ethereum network did not go unnoticed by the world’s big companies. Thanks to their incredible adoption, many luxury brands want to apply the same technology as these digital pets in order to copy their qualities into their businesses.
Arianee, a company specializing in the industry that maintains contact with luxury companies such as Omega and the famous store Tiffany´s, has said that the big brands intend to use the blockchain to create unique identities that serve to detail watches, handbags and costumes made to measure.
Working on this point, Arianee has created a unique Blockchain network by means of a copy to the Ethereum network. This network operates with a consensus mechanism called “authority testing” and through it users can sell products but cannot be part of the verification and issuance of new tokens since this can only be done by participating companies.
The tokens used in this Ethereum private network follow the ERC-721 standard, used for non-expendable and unique tokens. Using this standard in the network is how you can use the collectible and distinguishable element to use it in luxury goods.
Criptomedas to distinguish luxury goods
Courtney Brock, one of the directors of Blockade Games, is one of the advocates of using the Ethereum network with standard ERC-721 for a large number of businesses. According to his words, with the characteristics of this network you can include all the information of the product, from its previous owners to information of its serials, season or production number.
Before these features is that Arianee sees the benefits that can apply to luxury goods. The first benefit is that the developer company explains that with this technology you can create a unique seal of authenticity, impossible to copy and easy to verify. Also, the seal can store important information about the origin of the article and the history it may have.
The second benefit that can be distinguished is that with this network there is greater possibility of connecting the user with the luxury brand, a considerable advantage if we value the fact that many of these items are sold through intermediaries.
To apply these benefits, Arianee has considered that there are 3 products where they can be applied in the first place and these are Watches, Wallets and Champagne bottles. For the company, the case of Champagne is where you can get the most out of it because the tracking of the bottle and its origin are very important indicators to verify the quality of this sparkling wine.
Companies interested in the technology of the Ethereum network
Guillaume Boilot is a member of Arianee’s Board of Directors and is also one of the directors of Vacheron Constantin, a world-renowned brand of luxury watches. This watch company has been generating tactics for years that allow the unique identification of each of the watches that are produced in their factories and in the face of this technological advance they have shown interest in surpassing what they have today.
Regarding this interest, Guillaume Boilot warned that it is not only his company but that the Richemont holding, which is where he is part, is also interested in the application of this technology. If an adoption is achieved by this holding would have a really important impact since it owns brands such as Cartier, Montblanc and Dunhill, highly recognized in the world of luxury.
Finally, Boilot added that the interest of luxury brands is due to the fact that they are interested in any means to improve their ability to demonstrate the authenticity of their products in a transparent, reliable and easy to verify.