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The BlockChain and the Luxury sector

15/05/2019

How traceability is now a value, both for the customer and for the brand

 

The Made in Italy is a brand of global value and certainly represents one of the main value of our Country.

The pre-final figures for the turnover of Made in Italy companies for the year 2018 reached a very respectable value: 95.7 billion euros (+ 0.9% compared to the 94.8 billion euros of the final balance 2017).

The Ministry of Economic Development is already working to set up two groups of experts whose task is to assist the Government in defining a national strategy on distributed registers, BlockChain and on Artificial Intelligence.

Moreover, investments in the 2019 Budget Law are also expected for BlockChain and Artificial Intelligence; at this point, the importance of encouraging the development of projects dedicated to supply chain certification to protect Made in Italy has been observed several times.

And it is precisely on this theme that the launch of the Pilot Project, promoted by the MISE and entrusted to IBM, is focused to exploit the BlockChain technology for the creation of new forms of protection of the Made in Italy. About it, last year Enrico Cereda, president and CEO of IBM Italy, affirmed that the Blockchain represents "something from which the entire Made in Italy can obtain enormous benefits, reinforcing the perception of its quality in global markets".

 

When is BlockChain really useful?

• Every time there is a need for a single and consistent version of the truth;

• Every time there is a need to ensure that a datum existed at a given time;

• Every time users can trust that transactions are executed exactly like protocol commands, eliminating the need for another trusted third party.;

• Every time there is the possibility of significantly reducing transaction fees, eliminating third-party intermediaries and general costs for the exchange of assets.

 

BlockChain and Luxury

One of the sectors in which the BlockChain is successful confirmed is Luxury, a sector in which Made in Italy is among the undisputed leaders around the world.

How can technology preserve this brand and sector? Making the part of a real digital “notary” and guaranteeing maximum transparency and security. For example, if something is "notarized" on the BlockChain, we can guarantee that those data, previously entered, are still intact and have not been modified.

It is sufficient, in fact, to have a copy of the original data (a file, a log, a record) to be able to recalculate the original values (named hash) at any time and verify that it corresponds to what was saved in the BlockChain. Furthermore it can be demonstrated not only that the data has not been altered, but that this existed on the date on which it was "notarized".

So, when there is a supply chain that lacks process parts or considerable data, putting at risk the reputation of the entire Made in Italy, it is there that BlockChain comes to the rescue.

In summary, BlockChain:

• represents the unique version of reality,

• is tamper-proof,

• is highly secure (thanks to an advanced encryption system),

• has no single point of attack or failure.

 

AliasLab and SignChain technology

Scytale's SignChain technology starts from the attempt to solve some problems related to transparent traceability. Lack of information readable by the end user, confusing and non-transparent information, not always completely safe guarantees and supply chains in which sometimes parts of the process are missing, are certainly problems that interest everyone, from the final purchaser to the manufacturing company, up to image of a Made in Italy that risks leaving it battered.

Certainly, BlockChain can be very convenient even for exporters, thanks to the possibility of uploading all the documents in a single application based on its encryption. With the focus well concentrated on the transparency of goods or transports.

The new technology can facilitate and strengthen security, preventing the use of fraudulent documentation and counterfeit goods.

In conclusion, transparency, ethics and trust find an important field in BlockChain.

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