UAE Investments owned Colnago implements blockchain

Legendary Italian bike company Colnago, majority owned by UAE Chimera Investments LCC, is implementing blockchain to validate and verify its new Bike frames from 2022. The outfit has partnered with fellow Italian brand MyLime, which will connect each new Colnago frame to the Automotive Blockchain, a digital service that will store and protect the unique manufacturing, transport and sales records.

The Blockchain for Bikes, will be used to confirm the validity of the product and verify proof of ownership. It will work like a digital passport for bike frame. MyLime's RFID (radio-frequency indentification) tag linked to the bike allows access to the information through a blockchain-linked app. This should make fakes easily identifiable and allow stolen bikes to be traced back to their rightful owners.

Manolo Bertocchi, head of marketing at Colnago, said, 'We have been looking at the security provided by blockchain technology to give our customers the confidence to know that the frame they are buying is authentic and to demonstrate the chain of ownership forever. 'We will also announce other functions based on blockchain with the new year.'