One of the most interesting blockchain applications is the proof-of-ownership, and in this sector there is an always increasing number of new startups.
One of the latest to stand out in this scenario is called Chronicled that works in the sneakers market for collectors of this kind of product.
To do so, recently Chronicled raised $3.4 m in two rounds from seven investors on the Crunchbase platform.
According to some estimates, the collectible shoes market has a value of $1.2 billion in the US, even if the most part of users is composed by teenager males.
Ryan Orr CEO at Chronicled said to CoinDesk:
“The challenge with an authenticity platform lies in getting to scale. Clearly customers could scan collectible items, men’s fashion, women’s fashion, with their smartphone, and know they would be getting a legit item. But how do you build a niche? We reviewed about 30 different market verticals when we launched the company.”
How it works
Chronlicled provides a custom chip, which has a private key that provides a blockchain-based record.
“With the encrypted chips we put into the luxury items, we have an unhackable link between the blockchain and the physical item. Whereas as if you just have a digital record of an item without a unique ID, without encrypting a link between the item and the record, you really haven’t solved the problem,” explained Orr.
Chronicled’s goal is to sell the chips and also analytics about products and customers, that both producers and distributors sellers can use for their objectives.
Chronicled can also be helpful during sneaker conventions, where the company will be able to have some authenticators that can identify counterfeited shoes and help customers to transfer their authentic sneakers through the Chronicled app.
What kind of Blockchain?
Ryan Orr commented that Chronicled has not yet chosen the blockchain platform it will use to support the service.
Orr said that Chronicled has done tests on the bitcoin and
Ethereum blockchains, but they are still exploring other distributed ledgers.
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