The Ordre Group makes strategic investment in Veracity Protocol
Fashion technology company The Ordre Group announced this week a strategic investment in Veracity Protocol.
Veracity Protocol, a deep-tech company, provides a unique optical standard for tracking the identity, authenticity and quality of physical objects allowing physical products to be linked to their digital identity. The network works by digital fingerprint using computer vision and neural networks.
The investment follows three years of commercial collaboration. In particular, Veracity Protocol’s optical standard is an integral element of The Order Group’s new Web3 authentication and verification product. Known as 'Authentique', it was developed by The Order Group in cooperation with Veracity Protocol and is now being applied to the fashion industry.
“The Authentique app developed with Veracity Protocol is revolutionary in combining blockchain, NFT utility and visual recognition technology to authenticate and verify luxury products to help combat the global trade in counterfeits," said Simon Lock, founder and CEO, of The Ordre Group.
“Simply by scanning a product with your phone, consumers can not only establish authenticity but can also receive digital ownership in the form of value add NFT. The app represents the best use of Web3 applications and Veracity Protocol’s technology has been an integral component of this. It made sense for us to secure a long term partnership with them through this strategic investment.”
Founded in 2014, The Order Group is the leading fashion technology firm powering the fashion metaverse. The company develops fashion technologies redefining relationships between luxury brands, retailers, and consumers. Beyond Authentique, it also operates the Ordre meta and ORB360 business units.
“We are very pleased to welcome The Ordre Group as an investor in our business,” said Jakub Krcmar, co-founder and CEO, of Veracity Protocol.
“While our optical standard has application across many industry sectors, Ordre’s deep and long held relationships within the luxury industry will ensure that Veracity Protocol’s applications can be adopted faster. This includes application in product digital IDs, product authentication, product return verification and product resale.”
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