A Switzerland Tech Company is employing AI to Detect Counterfeits
ORIGYN, powered by ICP, is employing blockchain and biometric technology to address the issue of counterfeit watches. ORIGYN, a foundation in Switzerland that uses ai (AI) to authenticate the value of objects, has partnered with the luxury watch marketplace WatchBox. The two businesses will work together to develop certificates of validity in the form of NFTs that will enable users to exchange digital ownership of watches.
ORIGYN is the largest blockchain project based on the Internet Computer Protocol, or ICP, developed by The DFINITY Foundation. Individuals who purchase a collector’s grade watch via WatchBox may anticipate ORIGYN’s biometric technology to authenticate the artifact. Each watch is provided with a particular biometric fingerprint, and an NFT is minted holding all of this data.
These non-financial utilities offer customers insurance, digital provenance, concierge services, and access to unique experiences. For example, users may use their phones’ cameras to focus on a watch, scan it with the app, and verify the serial number. ORIGYN’s utility NFTs will be offered to WatchBox users starting in the summer of 2022.
According to Daniel Haudenschild, CEO of ORIGYN Enterprise, the for-profit arm of the ORIGYN Foundation, authenticating NFTs would expedite and secure secondary market trade for both buyers and sellers. By 2025, he estimates, the secondary market for luxury watches would reach $32 billion.
“By merging the blockchain, proprietary luxury goods biometrics technology, and our utility NFTs, we want to authenticate luxury items and ensure their “unfalsifiability” from sale to resale, enabling purchasers to make premium purchases with complete confidence.”
ORIGYN will Assist in Cutting Loses Due to Counterfeit Productions
According to Haudenschild, tracking provenance is one of the first blockchain applications, but deploying authenticating NFTs enables a “direct connection to your consumer in a way that brands and manufacturers have never had before.” He used Omega as an example, suggesting that if Omega had a customer database of all its watch owners, including those who purchased them on the secondary market, it might offer them complimentary tickets to the next James Bond film.
According to ORIGYN, the Swiss watch industry loses $2 billion per year to counterfeits, and over 40 million counterfeit luxury watches are made and sold each year. In France, more than 37% of luxury end-users have unintentionally purchased counterfeit goods.
According to Haudenschild, many prospective buyers are fearful of being duped and are dissatisfied with the used market. He stated that this results in an illiquid market and erodes consumer loyalty and brand value.
ORIGYN has partnered with the UEFA Foundation for Children on an “NFTs for Good” campaign to include historical artifacts on ORIGYN’s soon-to-be-launched NFT marketplace, Impossible Things.
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