The industry of luxury goods is always full of counterfeits, and for a long time the diamonds, fine art, jewelry, antiques and other luxury products fashions are all samples of just how people can earn from fake products. Additionally, the process of paying for this luxury items is also facing the trouble of security, and often buyers are wary of who they get to trade with and how they can ensure they are working with the real item owner.
However, the ongoing challenges ahead the blockchain technology provides once again beneficial in introducing a much safer option to build up the confidence of buying the high-end items. In the next real-world scenario, we get to see how one venture plans to eradicate the poor morale that we usually witness in the luxury goods market.
BitDials is a bitcoin-based luxury boutique that will provide access to authenticate and unique luxury items for example watches and jewelry to its user community. The platform will feature a collection of luxury watches and jewelry from where users get to purchase the items with Bitcoin.
BitDials will utilize the blockchain technology to purchase the luxury goods through a secure and self-authentication process to ensure a successful purchase. Additional details are available on the sellers, the number of sold items and the manufacturer to authenticate the product. Consequently, the technology helps BitDials to eliminate the sale of fake objects through their luxury goods option.
What They Are Offering
BitDials will offer only two categories of luxury items: watches and luxury. The watch category will further go into the gender and brand classes, with both ladies and men catered for regarding watch models. The luxury jewelry will feature multiple chains, necklaces, bracelets and other kinds of high-end silverware from various vendors and highlight some of the leading brands in the world of luxury. These brands will include different models of ROLEX, AUDEMARS PIGUET, HUBLOT and IWC.
Benefits Of BITDIALS
Transparency: The use of blockchain technology by BitDials will build the customer's trust by providing the clarity of the product information, payment process, and vendor details.
Authenticity: The blockchain solution will also cater for a more robust anti-counterfeit which verifies the authenticity of goods and the owners. The unique storage of the product data allows for item tagging through the whole process of purchasing.
Security: The purchasing process works through smart contracts with the seller only needing to securely transfer the product ownership through the recorder (blockchain technology). The whole transaction will be under record to reduce cases of loss and theft.
24H shipping : EU residents will get access to a 24-hour shipping option to get their luxury item within 1-2 days from their purchase.
Reliability: The primary goal of BitDials is to build the buyers confidence in what they are purchasing, the condition of the product and the authenticity of the vendor.
Is BitDials Going To Change The Luxury Goods Industry?
A significant part of the questions on BitDials boils down to the end goal of actually having an immediate adoption among participants within the luxury goods industries. If that is achievable, then we should expect to see BitDials satisfying customers and provide more luxury brands in the market. Consequently, BitDials could end up becoming one of the first blockchain retail marketplaces for luxury goods.