Blockchain AR Platform Scanetchain Partners With Singapore-based iFashion Group

Blockchain, News | October 11, 2018 By:

Augmented reality (AR) blockchain platform Scanetchain has teamed with Singaporean venture platform firm iFashion Group to enhance the retail experience.

Scanetchain is the first commercial decentralized application (DApp) developed through the NEM blockchain. It is a decentralized open platform that aims to disrupt the commerce industry by ensuring interoperability of advertising, shopping, contents, and social networking services using AR technology.

iFashion is a Singapore-based company focused on investing and acquiring fashion and lifestyle e-commerce ventures based in Southeast Asia. Its corporate strategy is to aggregate businesses via mergers and acquisitions in its sectors of interest to create synergy among the businesses.

The companies will work together to create unique AR-based shopping and public experiences across all iFashion Group’s stores and brands such as Dressabelle, Megafash, Meykrs, Red Republic, Invade, Space Invasion, FleaWare, and at public events such as Artbox Singapore. Scanetchain’s “scan to search and shop” functions will be integrated to iFashion’s MegaXStore E-Commerce platform to enable consumers to use their mobile phones to scan and shop for unique products and services available on the MegaXStore. The two companies will also jointly engage in initiatives to expand token-based economies and create greater value for consumers in Asia.

“Retail isn’t dying, boring retail is. Retailers and brands need to up their experiential offerings and look for innovative ways to improve the in-store experience,” said Jeremy Khoo, CEO of iFashion Group. “We believe that Scanetchain is potentially a game-changing retail experience and we are excited to partner with them to improve the quality of experience for consumers through such innovations.”

“Through this partnership we hope to facilitate a new era in shopping and public experiences,” David Ham, CEO of Scanetchain. “Technology is only relevant if it can be used in our daily lives. iFashion Group is at the forefront of delivering true innovative value through technology.”