ounterfeit market still makes up an estimated 3.3% of world trade. So we are trying to change authentication procedures by creating a connection between products and consumers that has not been visible before.

We use decentralized technologies to identify, authenticate and unlock the powers of ownership for any product you can imagine. From car parts to cosmetic products or even drugs.

Imagine John wants to buy some parts for his car. When John goes to shops to buy car parts, he realizes there are many counterfeit car parts in the market. How can he discriminate an authentic part from a counterfeit? Bitschon has a solution for this problem. Every authentic car part corresponds to digital a version stored on the blockchain on Web3, a token-based, decentralized iteration of the World Wide Web built on blockchain technology.

This process is powered by BitSchon NFT authenticator, which has been unveiling technology that links NFTs on a wallet to unique physical objects. These utility NFTs have a real-world item attached, and they are about to create a whole new class of asset trading.

BitSchon NFT authenticator is focused on identity, authenticity, and proof of ownership. So, we guarantee authenticity of new and used products.

We have created a powerful Web3 digital certification platform that combines artificial intelligence, machine learning, and decentralized computing. This platform allows certificates to be issued worldwide while also guaranteeing its authenticity for the item’s life cycle.

The user-friendly and game-changing nature of this authentication procedure is likely part of what led the platform to be usable for everyone.

Ownership has a new meaning

NFTs — non-fungible tokens — are all the rage right now and are gradually entering all areas of our lives. This type of utility NFT refers to the one-of-a-kind combination of a unique, blockchain-based certificate that links ownership to real-world objects like artwork, collectibles, and luxury items.

Holding immense potential and what seems like endless new opportunities for the future of retailing, NFTs have certainly caught the eye of some brands. Adidas is using NFTs to prevent selling counterfeit sneakers. We are taking the technology to the next level by creating a connection between products and consumers that has not been visible before. 

Our authenticator platform can be used in many industries. For example, watch manufacturers can utilize Bitchon Authenticator to scan timepieces and create digital doubles of them at their birth, a process that can take less than 30 seconds. Given the long life cycle of luxury watches, the technology is particularly helpful in allowing brands to boost their products’ permanent traceability, authentication, and asset transferability. This technology could be applied to handbags, sneakers, diamonds, and even collectibles.

 A new way to trade

With the use of authentication platform, any object becomes tradable. This new way of trading is particularly revolutionary for the secondary market in luxury goods and other markets, which has exploded in recent years due to consumer trends like reuse and upcycling.

Take the secondhand luxury watch market, for example. According to U.S consulting firm McKinsey, used watch sales are estimated to hit $30 billion by 2025, about half the size of the market for new, retail watches. In a market that’s bound to grow over time, authentication NFTs can make the trading fast and safe.

Biggest producer of counterfeit products: China

Fake goods have always been in the market and have caused a lot of losses to many businesses. And counterfeiters mostly target popular and high-quality brands because they can ride on the brands’ reputation and success. The problem is particularly acute in China, where 80% of the world’s fake products are thought to be produced.

Chinese counterfeiters are too resilient to be defeated Despite stricter government regulations. They always find online and physical shops to sell their fake products. Even for consumers who only shop in official designer stores, they must protect themselves from being scammed by sales associates, some of whom have been caught swapping real products with fakes. In many cases, even the seemingly legitimate authentication sites could turn out to be fake, according to thefashionlaw.com.

And this is where BitSchon Authenticator can make a positive difference. The counterfeit market doesn’t just hurt rich people’s brands. It also costs us in terms of labor and sustainability, and There’s a criminal aspect to it.