Seal, found online at Seal.network, is a blockchain-based authentication and services platform. Find out how it works today in our review.
What Is Seal?
Seal is an authentication service powered by blockchain technology. The platform aims to protect the value of the world’s most beloved brands, allowing users to easily verify the authenticity of any product with a simple scan of a smartphone.
Today, major brands worldwide are targeted by fraudulent manufacturers. The reputations of these brands are tarnished by knock-offs and fakes. Seal seeks to solve this problem using blockchain technology, allowing consumers and manufacturers to verify genuine products.
Seal isn’t just catered towards billion-dollar luxury brands; the Seal website also mentions creators, designers, programmers, and other types of makers. The world is full of creators – and these people depend on authentic works to maintain their reputation.
The token sale for SEAL tokens – which are used to pay for authentication services on the platform – gets underway on February 25, 2018.
How Does Seal Work?
Seal provides authentication services over the blockchain, allowing consumers and manufacturers to verify the identity of a product. Anyone can use Seal to confidently, quickly, and economically verify the authenticity of any product that’s “Seal-enabled”.
Technically speaking, Seal uses NFC compatible chips to effectively, securely, and discretely incorporate the system into any physically manufactured product.
Basically, Seal involves integrating a physical Seal chip into a product. Once that Seal chip has been added to the product, the product is paired with a digital entry on the blockchain. Anyone can verify the authenticity of the product instantly with a simple tap or scan of any smart device.
In addition to the Seal-enabled chip, the ecosystem requires a Seal mobile app installed on an NFC compatible smartphone. There’s also the Seal token that allows communication between different parts of the platform. Underlying everything is the Seal network, an immutable blockchain database where each transaction is recorded and validated by its nodes.
Brands, meanwhile, are the sole issuers of product pairings on the blockchain. Through this system, brands can ensure exactly how many authentic copies are released. Disingenuous manufacturers are no longer able to product imitations that can be passed off as authentic because their copies cannot replicate the token.
Here’s how Seal explains its value overall:
“Seal is your gateway to leave fakes with their devastating effect on the world and get genuine products from the brands you love and support.”
What Problems Does Seal Seek To Solve?
Global brand counterfeiting is a big business. The Seal website mentions that $2.8 trillion worth of goods are being counterfeited every year. One out of every 5 products made in China is a counterfeit. Counterfeiting is an obvious problem in the clothing, shoe, and bag industry. However, it’s also a problem for airbags, airplane parts, medicine, and other industries.
All of this counterfeiting is leading to a loss of faith. People are losing faith in otherwise-reputable brands because of counterfeiting. Low quality, dangerous products are being sold as genuine. Brands get a bad reputation for counterfeited products, while people are unable to sell their genuine items on secondary markets due to perceived trust issues.
In addition to these problems, the Seal whitepaper mentions the following:
- No proper protection; hundreds of millions of counterfeit products reach the US and EU every year, with unlicensed products produced and imported during midnight shifts and sold through parallel import
- 85% of global counterfeit products come from Asia, with 20% of Asia’s total production consisting of counterfeit goods
- The global counterfeit product industry is projected to rise to $1.954 billion by 2022
- The OECD states that counterfeiting has a scourging impact on economies, with profits ending up in the hands of cartels and terrorist cells
- The safety of consumers is jeopardized when they use counterfeit medicine, airbags, and airplane parts
- Consumers struggle to sell legitimate products on secondary markets due to fears of counterfeiting
- Current authentication solutions are inefficient; they’re too easy to fake, and there’s no single authentication service trusted by consumers and brands
Who’s Behind Seal?
Seal is made by an Amsterdam-based team. The company was founded with the goal of bringing back confidence to consumers while allowing brands to interact with their most heavily vested customers “in the most direct way the internet has ever seen.”
Seal was founded by Bart Verschoor (Chief Executive Officer and Founder). Verschoor is described as “an expert dealmaker with vast international business development experience at Dell, Bloomsix, and Deloitte.”
Bart founded the company in partnership with Joris Verschoor (Chief Operating Officer, Chief Technical Officer, and Founder). Joris is a technology leader and visionary who has been coding since the age of 6.
The Seal Token Sale
Consumers and brands can spend Seal tokens on services on the Seal platform. There will be a total of 1.2 billion Seal tokens minted, and the total supply of tokens will never exceed this amount. No more than 492 million tokens will be allocated for the token sale.
Each SEAL token is set at a price of $0.056 during the token sale, $0.068 during the pre-sale, and $0.80 during the main sale.
Of the total supply of tokens, 41% is allocated to the token sale, 13% to the team and advisors, 7% for influencing and lobbying, 22% for future operations, and 17% for future R&D. The ICO for SEAL tokens begins on February 25, 2018.
Seal Blockchain Authentication Network For Products & Services Conclusion
Seal is a brand authentication system revolving around blockchain technology, a digital currency, a mobile app, and NFC chips. The Seal system involves embedding an NFC chip into products, then using the mobile app to scan a code to verify the presence of that NFC chip. Users and businesses can use Seal to verify the authenticity of any type of product.
To learn more about Seal and its authentication system, visit online today at Seal.network.