The Report Says 6 Or More Luxury Items Are Fake. Can The Block Chain Solve The Pain Spot?

Chinese people are becoming more and more prominent in buying and buying. McKinsey's China luxury report 2019 shows that in 2018, Chinese luxury goods consumption at home and abroad reached 770 billion yuan, accounting for 1/3 of the total global luxury consumption. But unless purchased in a special store, other channel buyers always wonder: tens of thousands of bags bought, thousands of shoes bought, is it genuine?

Another report has proved that this worry is not coming from nowhere. According to the luxury luxury appraisal report, luxury goods market counterfeit rate is as high as 65.7%, including bags, shoes and cosmetics. Identification of authenticity of luxury goods has become a barrier to the development of the industry.

Luxury goods business platform Temple library tried to introduce block chain technology to solve this problem. In December 11th, the temple library and the block chain technology platform Ultrain reached a cooperation to build a global luxury consumption alliance chain. The luxury goods on the upper chain can be "one second real and false".

The "global luxury consumption alliance chain" is currently the main solution to identify the authenticity of luxury goods. Ultrain co founder &CEO Kuo Rui demonstrates the scene. When buyers ask for information needs before buying, the platform will provide data encryption to buyers based on authorization. Take a Gucci handbag as an example, the buyer enters the commodity number, can see the commodity picture and the two-dimensional code, the two-dimensional code contains the handbag anti-counterfeiting tracing source code, the specification, the material, the appraisal result, the level, the appraisal basis, as well as the appraiser name and so on detailed information.

The identification information is mainly provided by the "joint Computing Laboratory of the Chinese Academy of Sciences and the temple library AI", jointly established by the temple library and the Institute of computing technology of China Academy of Sciences, and realizes the intelligent identification of goods through machine learning and intelligent discriminant analysis. As a professional luxury electronic business platform, temple library has more than 10 years of identification technology experience, and millions of identification of big data.

According to the Economic Observer network reporter, temple library as early as 2018, the block chain technology applied to luxury appraisal, at that time was only private chain, for internal identification. In collaboration with Ultrain, the private chain has been upgraded to an alliance chain. It provides a solution for luxury identification and fidelity through the technology of block chain, completely centralization, non tampering and traceability. After that, the alliance will invite more upstream and downstream cooperative enterprises to provide professional identification services for the industry, and create a luxury anti-counterfeiting platform.

The alliance chain relies on the three technologies of "R-PoS consensus algorithm based on VDF", "random dynamic fragmentation technology" and "programmable zero knowledge proof". It solves the problems of low TPS, high usage cost and lack of privacy protection in the commercial landing of block chain technology.

The value of block chains to luxury goods is not just identification. According to the reporter, temple library and Ultrain also explore such issues as intelligent contracts, such as the interest distribution mechanism of alliance chain, and long-term fairness. Referring to the Libra launched by Facebook, its Alliance Association Governance and public service oriented structure have shown the rudiments of the public alliance chain.

Ultrain co founder Emma Liao believes that trust computing in block chaining technology has great value in the field of luxury goods. It can maximize the flow efficiency and bring convenience and benefits to users by tracing and encouraging and optimizing the industry value chain. This is also meaningful for the future development of the luxury industry.