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Article by Chris Jones - Source: Cointelegraph
Image Source: Pixabay
This blockchain platform produces certificates of authenticity for real-world items that use a luxury object's own biometric features.
A Swiss foundation is using blockchain technology to authenticate artwork, luxury goods, digital media, and collectibles — protecting the interests of consumers while returning control to creators.
In an ask-me-anything session on Cointelegraph's YouTube channel, ORIGYN CEO Daniel Haudenschild described how his organization's technology is helping to clamp down on counterfeits and increase confidence in upmarket items.
Ultra-high-resolution pictures of an item are taken and rich metadata is then packed into a nonfungible token. "Microstructure traceability" is used so computers can recognize distinctive objects later on — making distinctions the human eye cannot.
"Not just 'it's a watch' or 'it's a handbag' — down to the serial number and down to the unique item," Haudenschild explained.
Physical items that go through ORIGYN's process are subsequently awarded with a certificate of authenticity — and a guarantee to buyers that, if an item isn't genuine, insurance will pay for the damages.
Giving an example, Haudenschild explained how his platform is working with a gaming company called Cryptopolis — a "social-climbing game" that boasts Sims-like characters. As players ascend the tower, their status increases, and rewards are unlocked. One especially coveted prize will be a digital Rolex avatars can wear — and this will be accompanied by a physical certificate that unlocks a real-world Rolex that can be redeemed at ORIGYN.
The project also works with the likes of WatchBox, which positions itself as a global leader in pre-owned luxury watches. Through ORIGYN, this business is obtaining blockchain-based certificates of authenticity that give shoppers far greater peace of mind.
During the Cointelegraph AMA, Haudenschild stressed that ORIGYN is a Swiss foundation — and explained why this matters. This distinctive business structure means that the organization can't be bought out for big bucks by a major company, and it also changes the motivation of team members in a positive way.
Luxury goods, art, digital media, and collectibles are the four verticals that ORIGYN is focusing on — and each is a separate legal entity.
ORIGYN's infrastructure has been built on the Internet Computer, which has been developed by the DFINITY Foundation. Haudenschild described this as the next generation of decentralized technology, not least because its smart contracts can handle gigabytes of code.
"When you look at some of the other blockchains, you often find yourself asking the question — here's what we'd like to do, let's work around all of the technical constraints," Haudenschild added.
He compared using some major chains to "trying to get Netflix from a fax machine" — and said Internet Computer "eliminates issues for developers and opens doors to new things."
Illustrating the power of Internet Computer, Haudenschild says 4K video can be streamed directly from on-chain resources — eliminating the need for a centralized platform such as Amazon Web Services to run in the background. As a result, he asserts that Internet Computer NFTs offer a level of richness and deep content that other networks simply cannot match.
MORE INSIGHTS FROM ORIGYN HERE
ORIGYN is now encouraging creators to get in touch with them directly.
"We work with film stars, with editors, with movie producers, with musicians, with photographers, with other creative designers. They come to us and we discuss the concept of the NFT and how they want to certify it. As a rule, almost all of them really just want to make their art or make their creative works available to their fan base in a direct way," Haudenschild said.
A distinctive "forever earning" concept means that, no matter how many times an NFT is sold in the future, creators will always receive some of the royalties.
Better still, ORIGYN's approach eliminates the middlemen who all too often buy up stock and sell collectibles at inflated prices — ensuring that creators retain control and get the opportunity to share their creations with true fans.
Article by Chris Jones - Source: Cointelegraph
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
