RealChain is a decentralized, blockchain-based system that uses Artificial Intelligence (AI) image recognition technology to build trusted data centers for high-end consumer goods and collections. Realchain aims to improve transparency and appraisal efficiency while reducing both fraud risk and transaction cost. As frauds become better, there are more convincing counterfeit goods on the market. In the meanwhile, as the economy grows, the market for high-end consumer goods expands. This creates more opportunities for counterfeit sales. RealChain aims to solve this industry pain point.
According to the South China Morning Post, there has been doubling in the number of cases of student selling counterfeit goods on online community marketplaces over the past year, in Hong Kong. The number of fakes found being sold in physical stores jumped 400% over the same period. Even though some of these items were not marketed as originals this activity is still illegal *. Millions of dollars in fakes have been seized and large fines have been levied on perpetrators.
RealChain uses a database of product data to determine the authentic of consumer goods.
RealChain offers a solution that attacks the counterfeit problem at several levels. Consumers can use the RealChain Application to quickly determine if the product that they are interested in is real or fake. Wholesalers and Retailers can also use the application to trace the chain of custody of their stock back up the supply chain to ensure authenticity. And finally Law enforcement can use the RealChain Application on their mobile devices to identify and log fakes in the field.
RealChain aims to solve the following industry pain points: high-end consumer goods trading fraud, low efficiency on appraisal and evaluation, and information opaqueness. RealChain does not simply track the origins of consumer goods for authentication purposes because no one can guarantee that the origins won’t be forged. Instead, Realchain solves the problem from the root. Realchain authenticates the components and properties of consumer goods. RealChain checks the identities of commodity goods, and test the “DNA” of the goods. Furthermore, blockchain technology solves the problem of information opaqueness and builds a fullly decentralized system.