Value Protocol has announced that it is solving the issue of authenticity in blockchain. Value Protocol is a new unique authenticity standard for any blockchain solution for physical assets. It utilises artificial intelligence and machine learning for fingerprinting unique material structures and integrates these into the blockchain using just a smartphone. Previously, without a secure way to link the physical item to its blockchain entry, it is easy to replace it with a fake at any time.
The protocol allows businesses to build their own decentralised markets for physical assets in art, collectables, luxury goods, pharma, logistics and a variety of other sectors. The unique infrastructure features ready-to-use platforms for shares trading, authenticity, protection, provenance, insurance, lending, shipping and other services. This allows businesses to quickly integrate into the new decentralised economy, cutting costs, improving security and overall combating the growing counterfeit and forgery market.
“The whole counterfeit goods business has just exploded,” said Jeffrey Hardy, head of the anti-counterfeiting program at ICC. According to research analysts, approximately 2.5 million jobs worldwide have been dismantled by counterfeit black markets. Counterfeit goods are a $460 billion industry, and most are bought and sold online. Fraud is costing $3.98 trillion each year, a sum equal to the combined GDP of the UK and Italy. “When it comes to the underworld economy, counterfeit goods is way larger than smuggling weapons. It even rivals the international trade in illegal drugs, and we have decided to focus on fighting back against this.” said Jakub Krcmar, co-founder of Value Protocol.
Value Coin (VLU) is the currency and utility token that is used for all operations and services in all markets built on the Value Protocol. The first market to be decentralised based on Value Protocol is the art & collectibles market. This historic market which is worth $2.7 trillion has several fundamental problems such as lack of transparency, low liquidity, forgery and manipulation. “This oppresses creative people and creates major barriers to entry for investors, institutions and the public. The calling for the new market model is here, many experts and economist such as Nouriel Roubini have talked about this several times and we are here to make it happen by using our protocol.” Krcmar added.
One of the ready-to-use applications – shares trading – allows anyone to trade shares of physical valuables and invest into art and collectables even with just $1 or a cryptocurrency. Krcmar continues: “It enables users to combine different alternative assets and invest in the new businesses and products. At the same time, the Value Protocol secures the highest level of authenticity and fair value redistribution to all, who really create value”. added Jakub Krcmar.
Value Protocol is working closely with anti-counterfeiting alliance, laboratory chains and other leading partners in the industry such as Art Analysis & Research (AA&R), which is dedicated to providing scientific and technical research to the fine art community.