French entrepreneurs curb counterfeit products through blockchain technology

According to the International Chamber of Commerce, it is estimated that counterfeit and shoddy products cost the global economy up to $1 trillion annually. French innovators are working to reverse this trend.

A group of French entrepreneurs, most of whom worked for large luxury goods companies such as LVMH, Kering and Richemont, developed A block, a blockchain-based system designed to solve the problem of counterfeiting.

Arianee is the first luxury agreement to record all truly valuable products, enabling a revolutionary connection between owners and brands. The solution will also provide the owner with a layer of security for all valuable assets.

Entrepreneurs are building the first permanent and secure trusted digital certificate agreement for all items in the world.

Anyone using Arianee can track the product after purchase.

How does Arianee work?

For example, one wants to buy a second-hand watch.

During the purchase, the buyer can use the serial number of the item to run the Arianee blockchain on the smartphone to inquire about the product journey. From the system, they can determine if the watch is registered, verified by the manufacturer, and not tagged stolen or lost.

In this way, Arianee provides a practical solution to combat counterfeiting and gray markets.

Arianee is a mobile app that users can download.

The company provides digital identity for luxury goods, which is like a person’s passport.

In the digital world, buying valuable assets can put some pressure on counterfeiting and theft. Arianee’s key figure, Christian Jorge, believes that creating a blockchain-based platform can have far-reaching implications.

“So we created Arianee and supported it with blockchain technology, which made it decentralized, independent and secure,” Jorge said. He was a former senior vice president of the Vestiaire Collective, one of the world’s largest luxury second-hand markets.

Arianee also retains the security and privacy of the item, owner and brand. The Arianee team knows that in today’s complex connected world, individuals must be fully in control of their data.

The team is currently working with different players in the luxury industry to ensure high adoption rates for the solution because they believe such solutions are industry changers.

Original from:VipInvestor » French entrepreneurs curb counterfeit products through blockchain technology

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