China Luxury Online Retailer Secoo is Embracing Blockchain-inspired Technology

Secoo Holding Ltd. saw its share jump 50 percent early this morning after rumors surfaced it would launch a blockchain-inspired authentication service on its e-commerce platform.

CapitalWatch Staff
    Jan 11, 2018 11:51 AM  PT
China Luxury Online Retailer Secoo is Embracing Blockchain-inspired Technology
author: CapitalWatch Staff   

Secoo Holding Ltd. (Nasdaq: SECO), Asia's largest online integrated upscale products and services platform by gross merchandise volume (GMV), saw its shares jump 50 percent early this morning after rumors surfaced it would launch a blockchain-inspired authentication service on its e-commerce platform. Its stock price quickly slided on profit-taking by the end of the day.

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"We have been exploring and following blockchain-related techonology for a long time," the spokeperson of Secco said. "We can not release any details regarding our new authentication service yet but we are very excited about the new development."

How companies can use blockchain-based authentication systems to track and manage digital identities has been a widely discussed topic. Companies are looking to mark their products with unique identifiers stored and distributed via electronic authentication tokens to verify items across the entire supply chain, helping to identify counterfeit goods on the platform in a secure and efficient manner. 

Secoo provides customers a wide selection of upscale products and lifestyle services on its integrated online and offline shopping platform, which consists of the Secoo.com website, mobile applications, and offline experience centers, covering over 3,000 global and domestic brands.


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