Fashion technology company The Ordre Group has announced a strategic investment in Veracity Protocol, following three years of commercial collaboration.
Veracity Protocol (VP) is a deep-tech company building a unique optical standard for tracking the identity, authenticity and quality of physical objects.
The standard enables physical products to be linked to their digital identity by scanning their unique material structure (digital fingerprint) using computer vision and neural networks.
VP’s non-invasive optical standard is an integral element of The Ordre Group’s new Web3.0 authentication and verification product Authentique, which is being applied to the fashion industry.
Establishing digital IDs for physical products is rapidly becoming an essential element of engagement with consumers for luxury brands.
Secured digital IDs on the blockchain need a way to match information to the physical product.
Unlike other available technologies that require a physical QR code, NFC or RFID chip attached to the physical product, the Authentique App, developed by the Ordre Group in cooperation with Veracity Protocol, uses unique digital fingerprints of products to create the match.
The Ordre CEO Simon Lock said the venture will increase authentication opportunities in the industry.
“The Authentique App developed with Veracity Protocol is revolutionary in combining blockchain, NFT utility and visual recognition technology to authenticate and verify luxury products to help combat the global trade in counterfeits.
"Simply by scanning a product with your phone, consumers can not only establish authenticity but can also receive digital ownership in the form of value add NFT.
"The App represents the best use of Web3.0 applications and Veracity Protocol’s technology has been an integral component of this. It made sense for us to secure a long term partnership with them through this strategic investment.”
Veracity Protocol CEO Jakub Krcmar welcomed the investment.
“We are very pleased to welcome The Ordre Group as an investor in our business.
"While our optical standard has application across many industry sectors, Ordre's deep and long held relationships within the luxury industry will ensure that Veracity Protocol’s applications can be adopted faster.
"This includes application in product digital IDs, product authentication, product return verification and product resale.”
Founded in 2014, The Ordre Group includes fashion technology offerings across virtual showrooms, imaging technology and virtual authentication.
The Group is headed up by Australian Fashion Week founder Simon Lock.