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Secoo Launched the First Luxury Blockchain, Establishing the Commodity Tracking System

Secoo Launched the First Luxury Blockchain, Establishing the Commodity Tracking System

BEIJING, July 2, 2018 /PRNewswire/ -- Secoo held a press conference to announce a partnership in Shanghai with Emotionally Unavailable, which is designed by a famous Chinese pop-star Edison Chen. Edison also attended the event and share the reason why he chose Secoo for the partnership. Secoo also launched the blockchain, and applied this new technology on specific items sold on Secoo's platform. Through this new tech, Secoo became the first company to utilize blockchain for luxury product applications.

Champion Ren mentioned that this achievement is based on Secoo's authentication and anti-counterfeiting capability. After the authentication, every item can contain anti-counterfeiting information and Secoo will upload the information to the blockchain system for storage. Relying on the blockchain technology, decentralization, non-modification and traceability, products will have a unique identification with multiple points of information for anti-counterfeiting. Consumers can also use Secoo's mobile application to find detailed information to ensure the products' authentication.

At the press conference, Champion Ren also illustrated the steps to use the blockchain to achieve the traceability with product name, color, size, authentication information and blockchain information.

Champion Ren also explained that Secoo is the first company to launch a luxury blockchain in the industry. As a precursor, Secoo has many advantages, such as physical offline experience centers, warehouses and strong partnerships. In the future, Secoo will also help partners to open the commodity information upload and traceability privileges.

Through ten years of effort, Secoo has accumulated plenty of experience in luxury authentication. Secoo owns Asia's largest luxury authentication center and over 100 appraisers all over the world. The application of blockchain will increase consumer trust and establish a new standard for the complicated e-commerce industry. The new technology allows Secoo and consumers to avoid fake products in the market.

Champion Ren said that Secoo has worked on this topic for a long time. The official launch is attributed to the efforts of the whole company over several months. In the future, Secoo will use the blockchain in more commodity categories and seek more cooperation and partnerships to jointly improve the luxury industry.

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Ricky Wang

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