Luxtrack (Luxify) is a marketplace for luxury goods leveraging blockchain technology to verify the authenticity and traceability of second-hand luxury items. Blockchain enables users to track the origin and prove the authenticity of luxury items in their vetted network of re-sellers.
The challenge was figuring out the best way to leverage blockchain technology to address luxury industry pain points and to create a full proposal on how to implement it, determine the right type of token for the client as well develop a full pitch deck including market research.
Some of the questions raised were: Which blockchain platform should we use? Which type of Ethereum token should we use to represent luxury items?
Luxtrack uses blockchain technology to cryptographically store all relevant information to guarantee a data management architecture that offers the highest level of security, traceability, and transparency. Instead of opting for a central server-based data center, Luxtrack's decentralized register infrastructure decreases security risks to a minimum, while allowing easy and self-organizing control over the access to the information. In the deck presentation, we laid out specific technical solutions such as the ERC-721 non-fungible token to verify the authenticity of second-hand luxury items. Read more in our blockchain ecommerce case.
Espeo consultants created an extensive report after in-depth market research, competitor analysis, and a technical feasibility study.
Espeo Blockchain developed a sustainable ecosystem that merges traditional and blockchain business.