Luxury brands in the realms of watches, apparel, and leather goods are increasingly leveraging bitcoin technology to enhance their operational efficiency, emphasizing utility in their approach.
One notable player in this space is the luxury banking entity, Vaultik, which provides innovative solutions. Vaultik’s platform is distinguished by its unique “triple factor authentication” system, intertwining ownership and authenticity through a combination of Digital Product Passports, ownership certificates, and on-chain insurance coverage against potential risks like theft, loss, and damage.
Operating directly and via blockchain methodologies such as Hedera based in Switzerland, Vaultik offers equity certificates and insurance coverage to both B2B and B2C sectors, collaborating with fintech firm Avata. By introducing more cost-effective alternatives like business credit in lieu of traditional payment methods, the burden of premiums shifts from the customer to the partner company. Co-founder of Vaultik, Pietro Novelli, views this shift as a novel revenue stream for businesses.
Novelli highlights that the seamless connection between ownership and insurance on the blockchain fosters enhanced client loyalty, retention, and acquisition. This integrated insurance policy remains valid even when transferred within secondary markets, underscoring its adaptability and longevity.
With a dual focus on primary and secondary markets, Vaultik has initiated partnerships across various luxury segments, including watches, jewelry, leather goods, and furniture, with plans to expand further in the future.
The emphasis on efficiency in implementation is evident in Vaultik’s partnerships, with a keen eye on addressing industry challenges such as theft, fraud, tracking, clarity, and sustainability to maximize business impact.
In the luxury watch sector, Vaultik collaborates with Zero Time, a London-based startup specializing in modifying high-end watches like Rolex to enhance security features. By integrating insurance into electronic product passports, Vaultik provides an additional layer of protection for consumers, mitigating risks associated with luxury watch theft prevalent in urban areas.
The blockchain technology offered by Vaultik extends to the secondary market as well, with AI-powered algorithms facilitating real-time asset valuation for Luxe Dressing, a luxury consignment store in London. This partnership underscores the fusion of luxury and innovation, offering customers an unparalleled shopping experience rooted in authenticity and sophistication.
For upscale apparel brands like Faraone Mennella and Amedeo, Vaultik’s technology ensures transparency in product history and authenticity, catering to a discerning international clientele. By incorporating electronic product passports and insurance coverage, these brands can safeguard their creations and provide customers with a seamless shopping experience.
In the realm of leather products and furniture, Vaultik’s systems are utilized by brands like Superevo to enhance transparency and traceability, reassuring customers about the origin and authenticity of their purchases. By leveraging NFC chips and e-certificates, these brands can track the lifecycle of their products and uphold their commitment to sustainability.
While Aura Blockchain Consortium and Arianee Protocol are prominent players in the bitcoin ecosystem, Vaultik views them as potential collaborators rather than competitors. Novelli emphasizes that Vaultik’s integrated insurance feature sets it apart, offering a unique value proposition within the broader ecosystem and inviting collaboration for mutual growth and innovation.
