Can you tell us about the LuxTag story?
Our story began almost three years ago, when three like-minded individuals from different backgrounds met and came together. Rene (CEO & Co-Founder), Jeff (Co-Founder) and Faeez (CFO & Co-Founder) soon found out they had something in common, they were all highly interested in blockchain, and together they discovered new potential in the technology behind cryptocurrencies.
The idea was to create an innovative solution based on blockchain technology, that would solve the problem of counterfeiting in the luxury sector. They identified a few challenges that industries face: the problem of faking luxury goods itself and the lack of brand trust.
LuxTag was born in 2016. The original idea was to protect luxury brands from counterfeiters and ensure the authenticity of the products by registering them on the blockchain. Many more sectors were discovered: Documents, Fashion, Art, FMCG. They also needed an anti-counterfeiting technology so LuxTag started developing customized solutions for them.
Since then the team has grown; today, we have more than 20 specialists working together. We are proud to present operating use cases, as well as upcoming projects and cooperations. This is truly just the beginning for LuxTag.
How does LuxTag work?
LuxTag’s Patented Anti-Counterfeit technology enables businesses and their customers to protect authenticity & ownership of their valuable assets by providing digitized certificates using blockchain technology. Already existing products may be divided into two groups: ones built on the blockchain technology similar to LuxTag, yet not the same, and ones lacking secure software in their solutions.
Some of the competitors’ products also utilize blockchain; however, many disadvantages are occurring:
- The solution covers only a few specific industries, making it impossible to be used ubiquitously.
- The solution offers only limited features, which suit only one particular group of leads.
- The solution does not cover the whole products’ life cycle (for example, no post-sales insights available for manufacturers)
- The solution, based on the blockchain, fails in one of the 3 critical points of any blockchain platform: security, utility or scalability
LuxTag’s solution, based on blockchain technology, has two layers: hardware and software. LuxTag’s hardware layer is represented by the usage of holograms, RFID, QR and NFC codes. The process of scanning with a suitable device is not complicated, yet secure enough to provide clients with Proof of Ownership, Proof of Authenticity and Business Insights features.
The scanning of the technology leads to the second layer of security and allows the displaying of the software, the blockchain, on which the information about the item will be stored immutably in time. Blockchain represents a ledger programmed to record and track anything of value while being distributed and without a central point of authority.
Why is LuxTag an important use case for blockchain?
LuxTag’s working case shows that blockchain technology can be used in any sector of our life and provide society with high-level security not only for cryptocurrencies and money transactions but also for any valuable assets we own. It means everyone is able to utilize the same advanced technology so you don’t have to be a tech specialist or blockchain guru. Our idea and solution is the real representation of the nearest future, where technologies will easily accompany us in everyday life and ease routine activities.
Why did you decide to use NEM? Which features are you using?
LuxTag chose to use the new and revolutionary NEM Blockchain technology in order to give our clients an unmatched level of versatility and quality, not found with any other service. The LuxTag patent-pending technology resides in the application layer utilizing the NEM Blockchain core, to generate and maintain digital certificates.
The NEM Blockchain has been chosen because of its innovative features including:
- Security, Speed, Scalability
- Encrypted and Open Messaging
- Multisignature and Multi-user Accounts
All of the above allows LuxTag to provide our customers with a unique technology able to enhance high-level of security to their products and valuable assets, and offer unique features, which set us apart from the competition:
- Proof of Authenticity
- Proof of Ownership
- Business Insights
LuxTag team and Alex Tinsman (NF President) visiting the team.
What are you currently working on?
- We have several promising projects coming soon so make sure you follow us for upcoming announcements!
- Our updated website with new essential information, modern design, and easy-to-use interface will be launched this month.
- We are working on a wholly upgraded product line, which will bring to our customers advanced solutions to meet all their wants and needs.
- Currently, we are raising Pre-Series A and cooperating with investors interested in our technologies.
- We are expanding our operations by finding new LuxTag representatives outside Malaysia. Next stop — Russia.
- LuxTag is participating in many different events, such as technology forums, blockchain conferences, and accelerating programs.
What has been your biggest accomplishment so far? And what are you looking forward to in the future?
So far, we have several partnerships we are proud of:
- “LuxTag and Chronoswiss Launch Platform to Register Tech Bureau Crypto-Watches on the NEM Blockchain”
- “LuxTag and DeFeet Collaboration”
- “LuxTag’s New Solution e-Scroll to Revolutionize Educational Certificates”
We are looking forward to continue collaborating with DagangNet in order to strengthen the capabilities of both parties to introduce more innovative and disruptive technologies.
We asked our CEO, Rene Bernard, how he sees the future of the company.
“LuxTag enables brands and manufacturers around the world to serve their customers better. Learning the truth about whereabouts and origin of products and similar valuable assets will be the expected norm through technologies like IoT, Blockchain and other components of IR4.0. LuxTag is a prime enabler who shaped the standards in the early ages of the internet of value and its reachout now impacts the lives of millions of people.”
How do people sign up/ use it?
LuxTag has four core products in which each of them have different types of accessibility for users, albeit manufacturers and retail customers. Interestingly, though marketed as different products due to specialization and industry focus of these products, the core backbone of this technology is :
1) Scribe — Platform to secure documents, credentials or personal accreditations using blockchain. Example: Universities use LuxTag e-Scroll to issue diplomas on the blockchain allowing graduates and employers to verify the authenticity of those certificates and academic credentials through scanning a QR code, and to include additional data i.e. transcripts.
2) Papyrus — Three-Tier: Basic, Pro, Enterprise: Basic & Pro are accessible via a self-service platform (launches in September 2019) that allows small to medium manufacturers / artists / craftsman or the general public to tokenize their products on the blockchain. This allows immutable provenance, legacy and proof-of-ownership of their product. Papyrus enables natural user base growth and enhanced scalability of the LuxTag solution. The Papyrus Enterprise solution serves Luxury, Art and FMCG industries.
The full Papyrus solution is only accessible to LuxTag enterprise customers especially in the industries mentioned above. However, the general public or retail customers can access LuxTag by buying the products of our customers that are tagged with QR codes, NFC or other high-security labels with links to a digital representation on the blockchain. Some examples of these products are Chronoswiss Blockchain Series watches and Defeet special edition socks.
Another approach where the general public / retail customers can try out LuxTag product is through our Papyrus Basic platform which we are planning to launch in September 2019. The product is accessible through an online signup, and users can quickly issue their own digital representation of their product through the platform. Papyrus Basic are free to use by LuxTag, however, would need XEMs to pay off the transaction fee needed to issue a digital representation on the NEM public blockchain.
3) Authentichain — A full on-chain tracking and traceability solution for manufacturers and regulators developed through partnership with DSS to deter counterfeiting and grey market transactions. This platform includes physical tags with special printing technology to tag & verify authenticity of products. The system is suitable for large volume of manufactured products. POC has been successfully launched.
Similar to Papyrus, Authentichain products are only accessible to LuxTag enterprise customers where these products mainly focus on governments or FMCG MNC products. The general public can use LuxTag services by buying products from the customers of LuxTag.
- basAPI (Blockchain-Asset-Security API Service)
API as a Service: We offer an infrastructure service to software developers who wish to create digital representations of products or certificates of authenticity and ownership for assets on the blockchain via simple API calls. We offer options to use private, public or hybrid blockchain environment.
Developers who are interested can contact us to access the demo environment of this product. Once confirmed to try out our free trial, we can spin-off a Catapult Private Chain environment so they can start building their solutions in the full environment.
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About NEM Foundation
The NEM Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide, an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
Stay connected with NEM: