SEOUL -- Shinsegae International, the fashion unit of South Korea's retail giant Shinsegae Group, will adopt a digital warranty system that will guarantee the authenticity of products sold through its online shopping mall. The warranty will work as a digital authentication token to prevent the online secondhand trade of stolen goods.
There are various types of digital warranty systems including the non-fungible token system (NFT) that uses blockchain, a virtually non-hackable digital ledger system, to certify a digital or physical asset to be unique. Physical warranty types include certificates with serial numbers that are normally used to certify the uniqueness of physical goods including watches and jewelry.
Shinsegae International said in a statement on August 19 that the company will adopt a digital warranty system for goods sold through its online shopping mall "S.I.VILLAGE" by the end of 2021. The online mall operator is collaborating with Amazon Web Services, the on-demand cloud computing wing of U.S. online shopping giant Amazon, to develop the virtual certification system.
"We will adopt the digital warranty system for high-cost goods during this year and cover all products that are sold through our on and offline stores," an unnamed Shinsegae International official was quoted as saying. The digital warranty system will also certify the authenticity of a product even after it is sold to another person through a secondhand trade. The warranty will also prevent stolen goods from being traded through online secondhand markets.
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