Increased in number of platforms aimed at secondary luxury goods market

The third reason why “The RealReal” is attracting much attention is that there are similar companies progressively following the trend.

“ebay”, as the dominator of the secondary goods market industry, initiated the sales of secondary luxury goods and developed its own authenticity verification system known as “eBay authenticate”. In 2016, Facebook has released “Facebook Market Place” to support the sales of secondary products within the platform.

GUHADA, a platform that will facilitate the secondary luxury goods market

GUHADA is being developed to become the most reliable blockchain-based e-commerce platform for sales and resales of secondary luxury goods. As part of the development, TEMCO is working on integrating NFC chip technology into GUHADA platform to record and share the data about the luxury goods sold. With the technology, the products records can be transparently viewed. Through the function, the consumers can view all the distribution information at once.

In addition to the integration of NFC chip technology into GUHADA platform, the authenticity verification system is also being developed for the platform. When a product is appraised through the authenticity verification service, the verified product information is uploaded into the blockchain. As emphasized, the data that are uploaded into the blockchain are immutable, guaranteeing reliability and trust to the consumers. Also, once the product record is uploaded to the blockchain, the product can be resold on GUHADA platform without a hassle since the data about the product is previously recorded.

As for the TEMCO, while in the developing GUHADA, the team has been attending the demo tour presented by Tribe Accelerator who is supported by the Singapore government. The demo tour included many of the professionals in the traditional venture capital industry, Singapore government personnel, and more. TEMCO team was selected as one of the top 10 startup companies to be involved in this tour. During the tour, TEMCO team presented the NFC technology that is to be integrated into the GUHADA platform and received focused attention by the audience during the demo presentations in Singapore, Shanghai, and Seoul.