Ep 10. Fight Fakes Through Blockchain with LUXTAG
LuxTag is an anti-counterfeit solution provider that assist businesses and their customers to protect the authenticity and ownership of their valuable assets by providing digitized certificates using blockchain technology. In this episode, we have Mr.Faeez, the CFO and Co-Founder of LuxTag. Mr. Faeez and our host discuss the principles and misconceptions of the blockchain industry and the vision behind the well-funded startup, LuxTag. He also shares with us on how LuxTag is catering the market of anti-counterfeit and on the solutions that are provided by the company.
In this podcast episode, Mr. Faeez gives us some insights on how LuxTag is using blockchain technology to make a difference in preventing the production of artificial items. He explains to us about the ownership tagging, track & trace, and how their digital certificates serve the market with a ready to implement solution. According to Mr.Faeez, the counterfeit market isn’t only detrimental to luxury items associated with the fashion industry but its also leaving a negative impact in the pharmaceutical industry. Mr.Faeez says LuxTag is also looking forward to making a change and prevent the production of fake items of other industries as well. He also shares his opinions on the response LuxTag has received from high-end Malaysian brands and also about the smartest move the team has made so far. Mr.Faeez also tells us about the challenges they faced and how they overcame setbacks.
Luxtag is looking forward to assist the pharmaceutical industry as the counterfeit medicine market is now responsible for around 1 million deaths per year, in an industry estimated to be worth $75 billion annually.