Toys and collectables generally stay away from most technology progressions. But now they can benefit a lot from the so-called blockchain technology.
According to licensing industry veteran, Alfred Kahn , the blockchain technology has big potential in the toy industry. He says it can “disrupt the collectables industry by giving licensed brands another platform to sell and protect their digital IP”, ToyNews reports.
What does the blockchain technology do? It’s basically a digital ledger with information. But that information is also encrypted and has a special string of symbols (hash). Every “page” of information is called a block. Each block contains the date and some other details about the previous block – which makes the chain.
As a result, it’s believed that a blockchain is very, very difficult to manipulate or disrupt. Which in turn makes it useable for many thing which need safekeeping of their information.
Kahn added that “the magnitude of blockchain technology will disrupt the collectables industry by giving licensed brands another platform to sell and protect their digital IP”. In short, thanks to blockchains, companies can make sure there’s a simple, yet safe way for everyone to verify and ensure their products are genuine and not counterfeits.
There are big plans and Ecomi Collect is one of the forerunners in this field. The company will have a lot of digital collectables, characters, brands, fashion, publishing, gaming and other fields. And it will indeed incorporate a blockchain into its structure. It has the potential to be a gamechanger, so it will be interesting to see what happens.
