Colnago, a manufacturer of high-end road-racing bicycles founded by Ernesto Colnago in Italy in 1952, has announced the adoption of blockchain technology within its business.
The company believes that the blockchain is the perfect technology for fighting against theft and counterfeiting in the world of bicycles.
To take advantage of such potential, Colnago has partnered with MyLime, a blockchain-based tracking platform for luxury goods, which will connect Colnago frames to the Automotive Blockchain® where records of any frame’s manufacture, transport, and sale will be recorded.
Because the data stored on the blockchain is distributed, it can not be faked or changed once registered, providing ultimate proof of validity and ownership.
Additionally, Colnago will make a non-fungible token (NFT) version of each bike available to the owner.
MyLime, Colnago’s technological partner, has built an RFID tag that is irrevocably tied to the bike frame and gives access to the information in the bike’s digital passport through a smartphone app linked to the blockchain. When the frame is moved to a new owner, MyLime’s certified procedure can handle the transfer of ownership.
