The latest report released by Bain & Company and Italy luxury industry association shows that the global luxury consumption scale will reach 249 billion euros in 2016, in which Chinese account for 32% and is the largest consumer group.Latest release information by Euro monitor International: Global sales of global jewelry are $316 billion for 2016. In 2016, global art auctions totaled $12.45 billion, with China holding the world's largest share for $4.8 billion.In addition, the volume of the global used high-end consumer goods is also quite huge. According to statistics, second-hand transactions will reach more than 20% of the new trade volume.At present, the opaqueness of high-end luxury goods trading is very serious and information is quite opaque. There are three pains in the whole field of circulation: high risk of transaction fraud; information opaqueness; Low efficiency and high cost of appraisal and evaluation.
High infrastructure and maintenance costs may occur in forming an identification data cloud through building a centralized server. The mobile terminals provided by RealChain will make each institution and appraiser form an independent node, thereby greatly reducing the connection cost. In addition, the involvement of TaoDangPu can also make RealChain have a natural advantage. The partner institutions will directly be removed from the RealChain network if they are caught for illegal operations or fraud.
The services provided by RealChain can enable commodity transactions to realize the following aspects:
(1) Information exchange between appraisers and authenticators without trust;
(2) Low cost of identification and appraisal;
(3) Create a mobile and transparent market for high-end consumer goods;
In addition to the access of database and cooperative agencies of TaoDangPu, RealChain will set up a distributed identification ecology in the world: Any RealChain foundation accreditation agency may choose to connect the database to the RealChain and obtain the user's consumption RCT token returns without worrying about data leakage and tampering. In the first stage of RealChain, RealChain will integrate the identification agencies across various luxury sectors, so that more data providers can participate in this platform.
There are currently hundreds of appraisers working for TDP worldwide. Every article appraised will be kept in archives in videos, pictures and word descriptions. More than 200,000 of high-end consumer goods have been valued and recorded since the beginning. Records include data to validate against the counterfeits, circulating information of second-hand goods, and price changes over the years.
TDP is three core business includes authenticating, appraising and analyzing the appraisal. We believe that the blockchain technology together with AI pattern recognition will greatly lower the artificial error and moral hazard, improving the transaction transparency, reduce transaction cost and enhance effectiveness.
TDP’s involvement will be the first step of RealChain expanding its business territory. Once the system is matured enough, it will forge a scale effect to bring in other platforms and systems in accordance with economic stimulating effect of tokens and its industrial ecology.
RealChain achieves full de-trust through block chains: there is no need to trust other participants and there is no centralization of single point failures. The combination of identification mechanism and artificial intelligence image recognition will greatly improve the accuracy of identification. RealChain can solve the consumer's most concerned matter: the authenticity of high-end consumer goods. In the later period, the financial institutions that will be connected to RealChain, which can reduce the risk through RealChain services.
Users of high-end consumer goods are particularly interested in the pursuit of privacy and personal information security. At present, centralization requires a trusted third-party solution that can be used to collect and analyze user data without user authorization. However, the user data of RealChain is determined by the user's own open permissions.
RealChain will set up a distributed identification ecology in the world: Any RealChain foundation accreditation agency may choose to connect the database to the RealChain and obtain the user's consumption RCT token returns without worrying about data leakage and tampering. In the first stage of RealChain, RealChain will integrate the identification agencies across various luxury sectors, so that more data providers can participate in this platform.