[BLOG] Wondering About Authenticity of Luxury Products?

As Korea’s love for luxury products increase, the domestic luxury products market is continuously growing. In 2017, Korea’s luxury goods market grew to the fourth largest in the world, surpassing France, the origin of luxury products market. Researchers analyzed that such large demand in Korea is leading remarkable growth in the luxury products market overall.

While the domestic luxury goods market continues to grow every year, consumers feel unsure about whether the products are genuine or counterfeit. This is because the cases of counterfeit purchases are constantly happening. In fact, one of the famous online shopping malls purchased counterfeit goods from a wholesaler from Guangzhou, China, then sold them to over 3,500 people. The online shopping mall committed forgery by manipulating the import license. In an effort to promote the authenticity of the luxury products, Feelway.com, the online shopping mall for high brand luxury products, asks users to confirm whether or not their luxury products are authentic by posting in their online community.

By providing various ways to verify luxury products, companies are attempting to restore consumer trust in the authenticity of the luxury goods market. Some online luxury shopping malls have provided their own luxury appraisal services to solve these problems. However, since these services are also operated at the shopping mall itself, the transparency of the distribution process is lacking. Is there any way to enhance the credibility and transparency in the distribution process?

The solution is “Blockchain Technology”. As mentioned in the previous post, this year, we expect blockchain technology to be integrated into various fields and more commercialized. The blockchain technology can be combined with the luxury market to restore reliability in the industry. Like the case mentioned above, shopping malls selling counterfeits often manipulate authentic certificates; however, in TEMCO’s market platform, the product’s authenticity certificate, product identification number, etc. are stored in the blockchain, so the relevant information is transparently shared, and therefore, this product authentication information makes consumers feel confident about their purchases.

Furthermore, TEMCO promotes active participation in the token economy, creating a healthy ecosystem. In TEMCO market platform, consumers earn TEMCO points by active participation such as writing a product reviews, reporting defective/counterfeit products. In addition, vendors can also upload data to receive points. These points can be converted into TEMCO tokens, which are used to purchase, and receive discounts on goods or use smart contract tool within the platform. When TEMCO’s token economy is active, it significantly contributes to screening the ‘counterfeit items, validating the authenticity of the luxury products.

As the luxury market industry has been controversial for many years, the TEMCO luxury market platform helps remedy the situation. TEMCO’s blockchain technology and token economy can restore confidence the luxury industry has lost. TEMCO’s luxury market platform plays a big role in the luxury market industry.

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