Luxtag is another technology that uses the NEM blockhain. It is an application that supports the industry of anti-theft, anti-counterfeiting and manufacturer big-data providing a readily available solution.
This application is a first of its kind providing proof of ownership and securing authenticity thus, many in the industry are considering them and working with them as an important technology.
A common problem which Luxtag can solve are stolen goods, such as luxury items & consumer products; and counterfeited goods, such as fake watches which takes the 9% of the counterfeits all over the world.
How does Luxtag works?
Luxtag is transferable which means the digital certificates can be transferred to a new owner of the item. Previous owners legacy trail of ownership are left immutable on the blockchain. Owners can also choose whether they want the item to be owned by multiple parties as deemed necessary and convenient themselves.
It is also updatable wherein more details can be added to the certificate. This is very important in creating greater value to the product especially for the secondary owners wherein trust is a serious issue.
The digital certificates are brandable where the information can be tagged with a unique and special name or brand using NEM namespace. This helps consumers identify product brands easily on the blockchain explorer.
Luxtag helps consumers determine the authenticity of an item. Some companies provide stickers or paper certificates to certify authenticity of the item, but these can also be easily faked. With the Luxtag application, you can easily look up for the products history by scanning a QR code or entering a serial number. You may view details such as where the item originates, who were its previous owners and memos about you item's history, upgrades and repairs. You can also add an additional information yourself.
These information are stored in the blockchain and we all know that this technology is immutable, thus it is trusted and secured.
Here are the features of the Luxtag application:
- Advanced multi-signature account
- Advanced multi-user accounts
- Namespaces and domains
- Customizable assets
- Spam protection
- Open and encrypted messaging
- POI consensus
- Node reputation and ratings
- Speed, security and scalability
Luxtag is applicable to industries such as luxury products, vehicles, drugs, consumer electronics, machineries and equipment.
Here is a short explainer video from the Luxtag team:
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