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Two Brothers Disrupt the Counterfeit Economy with Blockchain Start-up Seal Network

February 25th 2018, marks the pre-ICO launch of blockchain powered product authentication and services platform Seal. This Amsterdam start-up enables anyone to verify if a product is genuine or fake. Bart & Joris (founders) share: “We come from a family of creators. Our mother frequently saw her products get imitated, so we know first hand how devastating the impact of counterfeiting is. “Our family suffered.” Seal combines NFC chips, which are embedded into physical products, the Seal app, and the Seal Network to provide a fast, simple, and secure way to provide products authenticity and other services.

By facilitating a secure tokenized version of a physical product, Seal allows product-specific services to operate such as transferring ownership, theft prevention, product recalls, brand activation campaigns, product analytics and custom integration with third-party software, like the brands’ own app or e-commerce sites. In addition to solving the counterfeiting conundrum, Seal lets brands deal with parallel trade and midnight shifting once and for all.

Counterfeiting Fuels Organized Crime

Seal Network was founded by Bart and Joris Verschoor, two brothers who spent a lifetime developing products and technology. Bart shares: “Our family suffered from it, but the real impact is far more insidious. Counterfeiting fuels organized crime on a massive scale. It’s the single biggest source of funding for crime rings, terrorism, and cartels. Buying knockoffs are perceived an innocuous crime, but that Michael Kors wallet from your local street market or that fake iPhone charger from Alibaba might be funding the next attack like the London Subway or 9/11.”

Disrupting the Counterfeit Economy

Seal Network is designed for adoption by brands. Its business model allows brands to charge fees for services. For the first time in history, brands can earn money from items sold through the second hand trade, while simultaneously protecting their markets from counterfeiters. Every time products change hands, the brand earns a fee, turning their products into revenue streams. This offsets the costs of equipping the products with NFC-chips while providing a lucrative revenue stream where brand monetizes their authenticity. By using the power of the blockchain, authenticity can be checked and ownership can be transferred decades from now, even if the product itself is discontinued, as long as people contribute to the decentralized Seal network.

The Blockchain Revolution in the Palm of your Hands

Whether products are sold in stores or on the second hand market, people can purchase goods with confidence again. Seal brings all the benefits of the blockchain revolution into the physical world. It puts the power of the blockchain into the hands of people. When asked what the vision for Seal is, Bart explained: “The ultimate ambition of Seal? To become the currency of authenticity, where products can be paid in full with Seal. Using Seal to pay for products provides both buyer and seller a guaranteed exchange of goods that are simply impossible with FIAT currencies. The powerful properties of Seal and its functionality as a medium of exchange are a giant leap forward because it is optimized to securely settle the exchange of physical goods.” The start-up is a tribute to all the creators in the world, who work incredibly hard to make the products we all love so much. They’ve dedicated their lives to improve those all around the world. Now it’s time to return the favour. Seal aspires to ignite a renewed appreciation for the world’s most beloved and worthwhile brands. Out of love for creation.

About Seal:

Seal enables anyone to verify the authenticity of their favourite products. They want to bring back confidence to consumers and allow for brands to interact with their most heavily vested customers in the most direct way the internet has ever seen. They are building a better world in which consumers appreciate the creative work of makers and stop feeding the counterfeit economy and its disastrous effects on the world.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress

A goodbye note from Deblock’s now-former Head of Research revealed the progress of their ICON blockchain project in all these months. And they looked extremely positive. As he left the company to pursue his startup, Markus Jun noted ICON as one of the very few blockchain projects that showed significant accomplishments despite staying inside a bleeding crypto market. “My time at Deblock and ICON coincided with one of the worst downturns in the cryptocurrency market. In spite of this, I can say that the ICON team has made incredible progress,” Markus wrote while asserting that their interoperable blockchain project till this date leads the South Korean blockchain industry. “I’ve seen ICON push for significant progress in legitimizing blockchain and cryptocurrencies with the Korean Government, receiving the Minister Award for being an industry leader in the blockchain space, and launching demonstrations and several projects in conjunction with the Seoul Metropolitan Government. I’ve seen several hires in every ICON department, including senior positions, most of which weren’t made public and the team is still actively hiring to this day.” Markus also brought focus to ICON’s international expansion stories, which included the launch of their global accelerator program ICONLOOP in partnership with the Singapore government, followed by its continuation in Tokyo and San Francisco. “Beyond this, there are ongoing efforts to expand ICX Station globally. All things considered, it’s clear that ICON isn’t letting the market downturn affect them in moving forward,” Markus explained. The said expansion is also bringing valuable partners to ICONLOOP. In addition to the Seoul government, ICON has gained support from LINE, Smilegate, Kyobo Insurance, and Jeju Island to develop blockchain solutions for them. It overall makes a long-term use-case for ICON’s ICX public network, indicating a stable growth for its native token ICX as well. Solvent after Crash At the time of the ICO, ICON’x ICX token sale raised close to 75,000 ETH. Their smart contract split the funds into 30 separate Ethereum wallets. Between December 2016 and November 2018, ICO team moved circa 70% of their funds to other portfolios – perhaps as part of a sale. After the post-ETH crash adjusments, the team holds around $5 million in ETH reserves. The figures prove that ICON is far from being insolvent at this time, in contrast to several other ICO projects that have either gone out of business or in a money crisis. Forrester Research’s chief analyst Martha Bennett predicts that a majority of these ICOs are heading towards an outright extinction in absence of users and funds. “Sooner or later, this would have led to a contraction anyway. The crypto crash acted as both catalyst and wake-up call.” Big crypto startups like Coinbase and ConsenSys have also laid off employees in the past two months, indicating that the crypto market, in general, is running out of money. ICON, with a provable business model and an increasing use-case among well-known organizations, could still survive the bloodbath owing to an actual demand for service. “I’ve seen the best of ICON in the worst of times. That’s why I’m confident ICON is here to stay,” Markus noted. The post In Bear Market, Korea’s Biggest Crypto Project ICON Showed Solid Progress appeared first on NewsBTC.

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