Cryptographic technology provider Arianee will be demonstrating its open source protocol solution during Paris Blockchain Week (PBCW), which kicks off this weekend. Executives from the firm will also be speaking at several sessions as well as hosting an event on April 18 titled “Luxury Meets Blockchain.”
Arianee said in a statement that the discussions “will highlight the incredible opportunity the blockchain technology offers to create industry-driven solutions and protocols, thanks to new financing models, decentralized governance and open source technology.”
The company said it will be discussing “how the French regulation on crypto-assets is becoming one of the best in the world and what that means for blockchain projects.” Pierre-Nicolas Hurstel, chief executive officer of Arianee, described blockchain as “kind of a buzzword; most people use it without exactly knowing what’s behind it. The real disruption that comes with this technology is actually not the technology itself, but the decentralization of the governance.”
Arianee’s mission is to “revolutionize the ownership of valuable objects” using the technology. Frédéric Montagnon, chairman of Arianee, said privacy and cybersecurity “have become the biggest concern regarding digital adoption for companies and individuals over the past year. It’s time to rethink the way information systems are designed in order to let users regain control over their data, and to prevent data leakage.”
The emergence of secure digital identities for luxury goods comes at a time when the commerce of online counterfeit and knockoff products is accelerating along with online fraud and the sale of stolen luxury goods. The resale and “re-commerce” segment is also growing at a rapid rate as consumers, globally, trade luxury fashion products online. In a research report from Wells Fargo Securities, analysts noted that while the resale market “accounts for $48 billion of total retail sales, the apparel, footwear and accessories category dominates half of the total resale market.”
WWD recently reported that Xian Yu, which is Alibaba’s resell platform, had 100 billion renminbi, or $14.9 billion, in sales last year. This growth sheds light on how blockchain can not only be used in financial applications, but in product traceability and can allow brands to have control over the products they sell as well as protecting user’s data. Arianee sees the current system as broken, and fragmented.
“Distributed governance and use of cryptographic technology is the only way to fix this,” Montagnon said. “I believe Arianee is creating the ultimate way of connecting brands and customers in a fair and sustainable manner, putting ‘privacy by design’ at its core.”
During PBCW, executives from the Arianee team will be organizing “several one-to-one and group demonstrations” as well as other presentations, which includes sessions at the France Digitale business-to-business meetings on April 15 at the French Assembly.
Arianee’s chief product officer Julien Romanetto plans to demonstrate “the maturity of the Arianee solution, allowing brands to generate secure, unfalsifiable digital identities with a simple web interface and putting the blockchain technology at end users’ fingertips with mobile apps.”