- PlatformXChain uses the VeChainThor block chain to verify the authenticity of toys and collectibles.
- Arcadier, a 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 each year, causing great damage to both manufacturers and consumers. With the VeChainThor Blockchain, VeChain provides a tool that is already used by many well-known companies and that 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 relies on VeChain
PlatformXChain is a Singapore-based start-up that has already established a strong relationship 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.
To do this, PXC uses a white label version of the VeChainToolChain and customizes the software suite to meet the specific needs of toy manufacturers and consumers. The VeChainToolChain is a Blockchain-as-a-Service („BaaS“) platform that offers various services and enables 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. VeChain thereby closes the existing „knowledge gap“ and enables toy manufacturers, fans and collectors to track valuable products and verify their actual state:
The platform serves as a marketplace for creators and brand owners to list their original toy and collectible products, secure them with encrypted smart chips, and allow consumers to verify PXC-authenticated products prior to purchase and trade with an immutable ownership record tracked on the VeChainThor public blockchain.
Toy packaging will be tagged with PXC branded NFC chips, allowing users to simply scan a QR code with the VeChain Pro app and then verify the authenticity of the product and obtain additional information such as place and time of manufacture and associated photos and videos. PXC describes how combating counterfeiters delivers real value that can save companies millions of dollars 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 achieve this, Arcadier will combine the PXC e-commerce platform with its marketplace architecture. Kenneth Low, Arcadier’s Chief Commercial Officer, comments:
The versatility of Arcadier’s system enables the development of any marketplace business. This includes a highly vertical, cross-border marketplace for collectible toys using a blockchain.
VeChain could benefit from increased usage and awareness as the white label solution created by PXC becomes more widespread. It remains to be seen whether this will have a positive impact on the price of VET.