Authenticity and ownership of luxury goods to be tracked by blockchain-powered tools

A new blockchain-powered technology that protects ownership and tackles the rise of counterfeiting has been quickly adopted by businesses looking to protect themselves and their customers.

Officially launching its technology solution this week, UK-based DNA creates unique digital passports that prove authenticity and ownership of jewellery, collectibles, art, rarities and luxury goods.

The technology makes virtually any physical product instantly verifiable and stores every historical transfer of ownership, and other information about the product, on a unique DNA digital passport/share (Native Asset) which is then protected on the Kadena blockchain platform.

DNA is built for mass adoption and users of all skill sets as a plug & play solution that facilitates a brand’s transition to Web 3.0 without the need for cumbersome and complicated blockchain infrastructure. From the first sale to every resale, DNA guarantees provenance confidence for both buyers and sellers.

For brands, this also creates a new and more meaningful connection with consumers/owners that remains in place throughout the product’s lifecycle.

The innovation was given the ultimate stamp of approval this week when Sotheby’s announced the sale of a highly valuable Paraiba Tourmaline ring from Austrian jeweler Schullin verified with a DNA Native Asset. This is the first time any auctioneer has sold a guaranteed piece of jewelery in this way.

The handcrafted platinum ring features a 49.88 carat natural oval-cut Paraiba Tourmaline and 60 baguette-cut diamonds and is worth between £140,000-£180,000.

The jewelery sector has been quick to wake up to the potential of DNA to protect gems, watches, stones and other items as they are sold, resold or passed down through the generations.

Lukas Schullin, the head of Schullin Wien, says: “We are very impressed with what DNA has created and the solution they offer – it made sense to use the technology for the upcoming Sotheby’s sale, which has a unique piece. We’ve explored a number of digital verification solutions in the past, but none work as efficiently and seamlessly as this one. For us, simplicity and ease of use are what sets it apart. The fact that it can be used by anyone makes it the perfect solution for all our customers, including those who may not be particularly tech-savvy. It offers the power and security of blockchain without all the headaches of having cryptocurrency and a digital wallet.”

DNA co-founder Douglas Jakobi adds: “We are delighted with the response to our service and the early adoption of the technology by some key sectors, including jewelery and art. Our mission is to empower a safer and more trusted online marketplace that brings the power and security of blockchain into the mainstream with an easy-to-use platform that bridges the physical and digital worlds. We enable brands to tokenize their physical products to combat counterfeiting, empower and reward loyalty and ownership. In short, we strengthen the relationship between brands and their customers by helping to build consumer confidence.”

DNA co-founder and CTO Abraham Milano, says: “The challenge and goal of DNA is to harness the power and capabilities of the blockchain for real-world practical use in a way that is accessible to everyone. There is a certain anonymity around products online that makes fraud and counterfeiting widespread. Our mission is to fix it so that brands, creatives and their customers are protected. There are many exciting things that can be built on this technology that will improve the way brands interact with customers and how they set up a more responsible circular economy.”

Other sectors are also using the technology. Leading American artist and skateboard legend Steve Olson’s recent gallery show in New York “Beautiful Explosion”, DNA’s first pilot project, came with their own unique DNA certificates.

The technology is a highly sustainable solution for brands interested in improving ESG. It is built on Kadena’s environmentally friendly Proof-of-work-layer-1 blockchain.

The technology has the added benefit of indirectly patenting designs by leveraging the inherent nature of the blockchain, each transaction traceable back to a specific point in time. This can directly help jewelers or artists protect original designs or creations, creating a repository for their work.

DNA also gives brands direct access to the consumer/owner community throughout the life of a product, enabling them to establish a secure and reliable resale market and enter royalties for secondary market transactions.

Joel Woodman, Ecosystem Business Development at Kadena, says: “DNA is an exciting business bringing a much-needed service/technology to life and we are proud that they are building this at Kadena. Kadena believes in the potential of blockchain to revolutionize how the world interacts and trades, and businesses like DNA bring this vision to life.”