WCT's Authentication and Transaction Guarantee in the Second-Hand Luxury Goods Consignment Industry
The second-hand luxury goods consignment market has low trust due to difficulties in authenticity identification and complicated transaction processes. A certain second-hand luxury goods consignment platform has introduced WCT technology, requiring each consigned item to undergo professional authentication, with authentication reports, brand information, usage traces, and other data recorded on the blockchain. When a buyer places an order, they use WCT to pay for the goods, with the funds held in escrow by a smart contract, which are released to the seller only after confirming that the product matches the on-chain information. For example, information such as the wear level of the hardware of a limited edition handbag and the leather quality test results are recorded on the blockchain, allowing buyers to verify by scanning a code. After the platform applied WCT, the circulation rate of counterfeit goods decreased by 95%, the transaction cycle shortened from 7 days to 2 days, and user transaction confidence increased by 70%.