The lap of luxury is surrounded by thorns. PRüF clears the way.
For luxury goods and consumables, consumer trust is paramount.
No other industry attracts as many fakes, counterfeits, and knock-offs as top-tier luxury merchandise. Since brand reputation is a primary value proposition, it is critical that clients can be sure that the products they are buying are genuine.
As brands in the space turn to blockchain solutions for trustless authentication, new opportunities for customer relationships, added value, and revenue-producing interactions emerge. Primary in these opportunities is tokenization. Tokenization represents physical, digital, or hybrid goods on the blockchain with a transferrable token. As a result, tokenization creates new value propositions and opportunities for brands and customers alike.
The key technologies underpinning all of these new opportunities are twofold: First, the network layer, or actual blockchain used as the arbiter of truth. For high-value goods, the network chosen should be robust, decentralized, proven, and recognized as the de-facto standard for programmable wealth.
While PRüF is multi-chain, it utilizes the Ethereum Blockchain as its primary root of truth: No other blockchain, including Bitcoin, is trusted to process the daily transaction volume recorded on the Ethereum network. The fully decentralized Ethereum network stands the test of time, and it is trusted the world over by individuals and enterprises alike.
A second but equally important consideration is the mechanism of tokenization. Legacy tokenization systems have proven their viability in the exploding market of tokenized goods, but this growth has also exposed many critical weaknesses and risks. Among these risks, two stand out as existential to the value proposition of tokenized products:
Firstly, legacy tokens are hard to authenticate trustlessly. Inability to establish the provenance of tokens exposes customers to fraud, counterfeit, and loss risks.
Secondly, Legacy systems do not intrinsically distinguish by verified brands and issuers. A fake Banksy and a real one require deep technical knowledge to establish their provenance. Anyone can create a website and launch a cut and paste smart contract, claiming to be someone they are not, and defraud people for millions at the expense of brand reputation for legitimate brands, especially those they are impersonating.
Furthermore, even legacy tokens minted in good faith lack trustless future-proof durability under the best of circumstances. Many will go dark if the issuer ceases operation. Others will live on, only to become obsolete as standards change (remember Adobe Flash?).
Only the PRüF protocol, with its multi-chain shared contract network, resolves these issues. The PRüF protocol facilitates the creation of tokenized physical and digital goods that are trustworthy and durable, with a value proposition designed to outlive interruption of business or network continuity. Importantly, PRüF gives brands control of their blockchain presence through PRüF Nodes with a token minting authority permanently registered to their brand, much like a web domain.
The PRüF node system allows customers and clients to instantly verify the provenance of tokens and goods on mobile or desktop devices. The fully audited and tested PRüF network helps brands and creators mint future-proof, upgradeable, cross-chain assets. PRüF includes built-in systems for monetization, theft resistance, programmable business logic, and more. These features of the PRüF protocol are available to select by node-holders in the configuration of their Node
Getting a PRüF node for existing brands is simple, accessible, and easy during our node-grant program. A PRüF node gives your brand reserved namespace and blockchain presence for your brand, with the capability to mint legacy-compatible, next-generation tokenized assets using the PRüF protocol — no blockchain development required.
Under the Node-Grant program, qualifying brands and creators can receive free nodes, tokens, and development support to implement their next-generation tokenization and NFT solutions. Reach out to the team for more information — info@pruf.io.
