MEET OUR CODE_N CONTEST FINALISTS 2018: ReCheck from the Netherlands
The CODE_n CONTEST finalist ReCheck, a Dutch startup is offering value-added and anti-counterfeit solution for products using blockchain. Its technology not only allows users to digitally register products, transfer ownership of products, but also verify the authenticity of products instantaneously with a simple smart phone scan. In our interview with CEO and co-founder Emiliyan Enev he explained to us what ReCheck does, and why we should care. Enjoy the insights!
Lisa: Hi Emiliyan, what is ReCheck all about?
Emiliyan: ReCheck brings simple, safe, and user-friendly access to blockchain technology. ReCheck is the easiest way to register products in trustworthy and secure environments. We enable businesses to create unique identities for items in a blockchain in order to protect and increase the value of their brands. These digital identities are programmed as electronic tags or can be linked to serial numbers. With ReCheck’s mobile apps, consumers now have an efficient tool at their fingertips to verify the authenticity of the goods they buy, see the story behind the product, and manage ownership. ReCheck is tantamount to blockchain-based transparency for consumers. Now physical products are starting to live their digital lives so people can scan and interact with them. The whole life cycle of objects can be managed with their unique identities stored in a blockchain. This will create so many new business models and opportunities that whole industries will be transformed.
Lisa: How did you come up with the idea?
Emiliyan: We were fascinated by blockchain technology and really excited about the opportunities and different ways to shift business away from central networks into separate fields of open data and direct peer-to-peer transactions. We wanted to build real products using this technology and prove that a blockchain is practically viable and highly valuable. Our team believes in the value and principles of blockchain solutions and we’re keen to showcase the potential of this technology in real-world use cases. We spotted a clear demand for practical solutions that build trust and transparency in new decentralised ways. And we wanted to provide underlying security layers for transactions that consumers and business can trust.
Lisa: What are you trying to solve?
Emiliyan: We started with an initial concept that involved using blockchain technology to curb counterfeit production and prevent fraud. We live in a global and connected world where we need to interact with people we do not know. And there are so many opportunities for fraudsters. In 2017, 10% of consumers in the European Union (43 million people) were tricked into buying a fake product instead of a genuine one. And this is just the tip of the iceberg. Counterfeiting is a gigantic industry worth almost €500 billion every year. And there’s another problem. When companies use centralized platforms as a foundation for business, they are vulnerable and dependent on them. The world desperately needs new mechanisms for building trust.
Lisa: You developed an easy-to-use way for shoppers to verify the authenticity of items at the time of purchase. How does it work, and what companies are already using your solutions? Why should we design decentralized applications?
Emiliyan: Everything starts with creating (or registering existing) unique identifiers for products in a blockchain. These unique identifiers can be programmed as electronic tags or linked to serial numbers, QR codes, etc. All consumers need to do is download a ReCheck mobile app for iOS or Android and they have an efficient tool at their disposal for verifying the authenticity of the products they want to buy and getting exactly what they pay for. Shoppers tap their smartphones on a ReCheck electronic tag, which is attached to or embedded in a product, and by doing so they execute a smart contract in the blockchain. This re-checks the authenticity and origin of the item. We support the verification process without the ReCheck mobile apps installed – after scanning, the results can be displayed in the browser on the smartphone. Our clients are mainly producers of premium or boutique products, or makers of items in limited series. We’re currently working with manufacturers of shoes, clothing, electronics, accessories, etc. With ReCheck, firms can not only protect their brands, they can also tell stories behind their products, add services to items (like electronic warranties), and reach out to and interact with the people who actually buy their products.
Lisa: Thank you for the interview Emiliyan!