Remarkable brands create new culture; they reshape the attitudes of many consumers every day. But what happens when these brands get copied? It’s that time when a brand’s integrity gets destroyed and it ends up losing a large part of its value. For example, Nike is one of the most copied brands and its counterfeits generate a lot of cash. But a counterfeited product, in the end, is just a feeble copy of the original—something that can’t ever match the quality delivered by a genuine product.
Also, counterfeiting products not only breaks the economy worldwide but also has some dangerous consequences. A case in point: What’ll happen when fake medicines or airbags or airplane parts hit the market? Such a move will definitely jeopardize the lives of many. And the worst part is that it’s difficult to differentiate between counterfeit and genuine products. But the solution of this problem lies within the ever-evolving blockchain tech. That’s what Seal is all about. So, in this post, we’ll get to know more about Seal and whether this blockchain-powered product-authentication service is any good.
Today marks the launch of blockchain powered product authentication and services platform Seal. This Amsterdam startup enables anyone to check if a product is genuine or fake. Seal is a blockchain-based authentication and services platform. Find out how it works today in our review.
ABOUT SEAL
Seal is an authentication service powered by blockchain technology. The platform aims to protect the value of the world’s most beloved brands, allowing users to easily verify the authenticity of any product with a simple scan of a smartphone.
Today, major brands worldwide are targeted by fraudulent manufacturers. The reputations of these brands are tarnished by knock-offs and fakes. Seal seeks to solve this problem using blockchain technology, allowing consumers and manufacturers to verify genuine products.
Seal isn’t just catered towards billion-dollar luxury brands; the Seal website also mentions creators, designers, programmers, and other types of makers. The world is full of creators – and these people depend on authentic works to maintain their reputation.
Seal is the best way for anyone to check if a product is genuine or fake. 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, insurance, but also brand activation campaigns and product analytics. Seal lets brands earn money every time their products change owners. For the first time in history, brands can earn money from items sold through the secondhand trade, while simultaneously protecting their markets from counterfeiters. 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.
SEAL NETWORKS: PROBLEMS & SOLUTIONS
Global brand counterfeiting is a big business. The Seal website mentions that $2.8 trillion worth of goods are being counterfeited every year. One out of every 5 products made in China is a counterfeit. Counterfeiting is an obvious problem in the clothing, shoe, and bag industry. However, it’s also a problem for airbags, airplane parts, medicine, and other industries.
All of this counterfeiting is leading to a loss of faith. People are losing faith in otherwise-reputable brands because of counterfeiting. Low quality, dangerous products are being sold as genuine. Brands get a bad reputation for counterfeited products, while people are unable to sell their genuine items on secondary markets due to perceived trust issues.
In addition to these problems, the Seal whitepaper mentions the following:
- No proper protection; hundreds of millions of counterfeit products reach the US and EU every year, with unlicensed products produced and imported during midnight shifts and sold through parallel import
- 85% of global counterfeit products come from Asia, with 20% of Asia’s total production consisting of counterfeit goods
- The global counterfeit product industry is projected to rise to $1.954 billion by 2022
- The OECD states that counterfeiting has a scourging impact on economies, with profits ending up in the hands of cartels and terrorist cells
- The safety of consumers is jeopardized when they use counterfeit medicine, airbags, and airplane parts
- Consumers struggle to sell legitimate products on secondary markets due to fears of counterfeiting
- Current authentication solutions are inefficient; they’re too easy to fake, and there’s no single authentication service trusted by consumers and brands
HOW SEAL WORKS
Seal provides authentication services over the blockchain, allowing consumers and manufacturers to verify the identity of a product. Anyone can use Seal to confidently, quickly, and economically verify the authenticity of any product that’s “Seal-enabled”.
Technically speaking, Seal uses NFC compatible chips to effectively, securely, and discretely incorporate the system into any physically manufactured product.
Basically, Seal involves integrating a physical Seal chip into a product. Once that Seal chip has been added to the product, the product is paired with a digital entry on the blockchain. Anyone can verify the authenticity of the product instantly with a simple tap or scan of any smart device.
In addition to the Seal-enabled chip, the ecosystem requires a Seal mobile app installed on an NFC compatible smartphone. There’s also the Seal token that allows communication between different parts of the platform. Underlying everything is the Seal network, an immutable blockchain database where each transaction is recorded and validated by its nodes.
Brands, meanwhile, are the sole issuers of product pairings on the blockchain. Through this system, brands can ensure exactly how many authentic copies are released. Disingenuous manufacturers are no longer able to product imitations that can be passed off as authentic because their copies cannot replicate the token.
SEAL TOKEN ICO DETAILS
Consumers and brands can spend Seal tokens on services on the Seal platform. There will be a total of 1.2 billion Seal tokens minted, and the total supply of tokens will never exceed this amount. No more than 492 million tokens will be allocated for the token sale.
Each SEAL token is set at a price of $0.056 during the token sale, $0.068 during the pre-sale, and $0.80 during the main sale.
Of the total supply of tokens, 41% is allocated to the token sale, 13% to the team and advisors, 7% for influencing and lobbying, 22% for future operations, and 17% for future R&D. The ICO for SEAL tokens begins on February 25, 2018.
Presale
Round1 Bonus: 10%
Round2 Bonus: 15%
Round3 Bonus: 20%
Round4 Bonus: custom
Round1: USD 0.08
Round2: USD 0.08
Round3: USD 0.08
Round4:
Minimum
Round1: 1 ETH
Round2: 60 ETH
Round3: 300 ETH
Round4: 1200 ETH
Tokens: 384,000,000
Mainsale
Bonus: 0%
Price USD 0.08
Minimum: 0.1 ETH
Tokens: 108,000,000
Website: https://seal.network/ico.html
MILESTONE
CROWDSALE Q1 2018
Token sale and distribution.
PRODUCT DEPLOYMENT Q3 2018
The first commercial products are deployed on the Seal Network.
PRODUCT DEVELOPMENT Q4 2018
The Seal App and backend will be further developed.
EXTRA SERVICES Q1 2019
The services portfolio is extended with other and brand-specific services
ANALYTICS Q3 2019
An analytics dashboard made for executives who wish to better understand their customers’ behavior.
BLOCKCHAIN R&D Q1 2020
A Seal blockchain is created and tokens are migrated from Ethereum to the Seal blockchain.
CHIP DESIGN R&D Q1 2021
A more advanced proprietary NFC is developed together with a development partner.
PARTNERS Q2 2018
Set up partnerships with NFC-, inlay-, and other suppliers
TALENT Q2 2018
Standardize HR processes and controls to quickly scale team and manage performance.
TECHNOLOGY Q3 2018
Scale the technology division tasked with the development and technical operations.
BRAND DEVELOPMENT Q3 2018
Develop and address the needs of designated niche categories (wine, art, limited edition and luxury goods)
SALES & MARKETING Q3 2018
Design & deploy an enterprise sales strategy to create a unified, scalable sales approach for Seal engagements.
PARTNER PROGRAM Q4 2019
A partner program & certification model for value-added resellers is created (e.g. brand agencies & IP consultants)
SEAL TEAM
BOARD OF ADVISERS
FOR MORE INFORMATION ABOUT SEAL
SEAL SOCIAL MEDIA
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