Chronicled raises $3.4 million to build blockchain product authentication service

Baozou Shizhao : Product management and anti-counterfeiting in the luxury market have always been difficult to overcome technical difficulties. The essence of blockchain technology is as a distributed database, which is characterized by being unforgeable and tamper-proof. The characteristics of blockchain have brought hope for the final solution to this problem. Enterprises can monitor and audit product dynamics and identities in real time by associating products with blockchain product information. Chronicled is a startup company founded in 2014 that is committed to ensuring the authenticity of products for consumers. The company ensures that the products bought and sold by consumers are genuine through a one-to-one correspondence between the built-in "smart tags" of sports shoes and the information entered in the blockchain ledger. The target customers of this service include sports shoe collectors, retailers, and brand owners. Chronicled has extensive experience in the blockchain industry. One of the founders, Ryan Orr, once worked at the enterprise accelerator Crosscoin Ventures. The company's advisory board members include ChromaWay founder Alex Mizrahi and Symbiont founder Adam Krellenstein.

Translation: Annie Xu

Chronicled is a startup that uses blockchain technology to provide sports shoe collection authentication services. The company received $3.42 million in its first round of financing.

The first round of financing was led by Hong Kong venture capital firm Mandra Capital, and enthusiastic investors Pantera Capital and Colbeck Capital Management also participated in the financing.

Chronicled was founded in 2014 and is dedicated to ensuring the authenticity of consumer products. Through the "smart tags" in the shoes, which connect to the consumer's Apple or Android app, the shoe information is recorded in the distributed ledger using blockchain technology. The resulting "open registry" can support the buying and selling of sports shoes.

Chronicled has three target markets for the app:

Collectors who want peace of mind about the purchase process; retailers who want to ensure the authenticity of the items they sell; brands that can use "smart labels" to attract consumers.

Pantera Capital CEO: Dan Morehead

Dan Morehead, founder and CEO of Pantera Capital, praised Chronicled’s milestone in consumer products and the ease with which the company’s core products can be applied to a wider market.

Dan Morehead said:

The authenticity and origin of luxury goods and other physical objects is a huge untapped market. For privacy reasons, consumers want to have product data history and physical characteristics. The blockchain-based backend can meet this customer demand.

Chronicled claims to have extensive experience in the blockchain industry, as one of the company's founders, Ryan Orr, once worked at Ripple's enterprise accelerator Crosscoin Ventures.

Additionally, the company's website lists advisory board members including ChromaWay founder Alex Mizrahi and Symbiont founder Adam Krellenstein.

Chronicled plans to launch a sneaker authentication service in April.