- PlatformXChain uses the VeChainThor blockchain to verify the authenticity of toys and collectibles.
- Arcadier, a leading software provider for online marketplaces, has announced that VeChain ToolChainTM will be used for existing and new projects.
Counterfeit products cost companies more than $509 billion every year, causing great damage to both the manufacturing companies and the end consumer. VeChain provides with the VeChainThor blockchain a tool which is already used by many well-known companies and which can seamlessly document and verify the authenticity of products along the value chain. A start-up from Singapore has recognized the potential and will cooperate with VeChain in the future.
PlatformXChain uses VeChain
PlatformXChain is a Singapore-based start-up company that has already established itself with many toy manufacturers such as CenturyFugu (Singapore), Marmit Co. (Japan), Mandarake Co. (Japan) and Machination Studios (Singapore) to track products and collectibles using blockchain technology.
PlatformXChain – a blockchain-enabled toys and collectibles provenance tool for creators to authenticate their creations, and collectors to grow their collection with an ease of mind. Runs on VeChainThor Blockchain. #VeChain #VET #btc $VET pic.twitter.com/wmsSQqiSmz
— Crypt Titulaer (@Crypt_Titulaer) April 3, 2020
For this reason PXC uses a white label version of the VeChainToolChain and adapts the software suite to the specific needs of toy manufacturers and consumers. The VeChainToolChain is a Blockchain-as-a-Service (“BaaS”) platform that offers various services and allows companies to implement the blockchain for processes in their own company without any further technical knowledge.
PXC has optimized the platform for the toy industry, designing its own custom UX and IoT tags, allowing companies to quickly implement and deploy the technology. Thus VeChain closes the existing “knowledge gap” and enables toy manufacturers, fans and collectors to track their products in real-time:
The platform serves as a marketplace for Creators and Brand owners to list their original toys & collectibles products, secure them with encrypted smart chips, enabling consumers to verify before purchase and trade PXC- authenticated products with an immutable ledger of ownership tracked on the VeChainThor public blockchain.
Toy packaging is tagged with PXC-branded NFC chips, allowing users to simply scan a QR code with the VeChain Pro app to verify the authenticity of the product and obtain additional information such as place and time of manufacture and associated photos and videos. PXC describes that combating counterfeiters delivers real added value that can save companies millions in costs.
Global leader relies on PXC solution
The world’s leading manufacturer of online marketplaces, Arcadier, has partnered with PXC to become the leading trading platform in Asia for the protection of intellectual property rights and original toys and collectibles. To accomplish this goal, Arcadier will combine the PXC e-commerce platform with its marketplace architecture. Kenneth Low, Arcadier’s Chief Commercial Officer, says:
The versatility of the Arcadier system enables any marketplace business to be developed. This includes a highly vertical cross-border blockchain enabled collectable toys marketplace.
VeChain could benefit from increasing usage and awareness as the PXC created white label solution becomes more widespread. It remains to be seen whether this will have a positive effect on VET’s price.