Secoo Launches First Luxury Blockchain

Secoo, a leading one-stop luxury products and services platform, announced a partnership with Emotionally Unavailable (EU) at the press conference held in Shanghai on June 30. EU is designed by famous Chinese pop-star Edison Chen who also attended the event and shared the reason why he chose to partner with Secoo. During the event, Secoo also officially launched a blockchain-based technology which will be applied on specific items sold on Secoo platform and make Secoo the first company to utilize blockchain for product application in the luxury industry.

Champion Ren, CGO of Secoo, demonstrated how to use blockchain to achieve anti-counterfeiting traceability based on Secoo’s authentication and anti-counterfeiting capability. After the authentication, a piece of anti-counterfeiting information will be generated for each item 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 anti-counterfeiting inspection information. Consumers can also find detailed information through Secoo mobile application to ensure the products’ authentication.

Champion Ren also illustrated the steps to use blockchain for traceability with product name, color, size, authentication information and blockchain information. He said, “Secoo is the first company to launch 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-year efforts, Secoo has already accumulated plenty of experience in luxury authentication. Secoo owns Asian’s largest luxury authentication center and over 100 appraisers all over the world. The adoption of blockchain will increase the consumers’ trust as this new technology allows Secoo and consumers to avoid the fake issues and purify the luxury market.

Secoo has worked on this topic for a couple of months. Ren said, “The official launch is attributed to the whole company members. In the future, Secoo will apply blockchain into more commodity categories and seek for more cooperation and partnerships to jointly improve the luxury industry.”