, 2023-01-11 02:04:23,
After losing an estimated $98 billion (672.4 billion RMB) in a single year due to counterfeiting, the luxury industry is embracing a tech-forward crusade to veto the imitation market. The sector may not be able to stop the production and sale of replicas, but it can make it easier for genuine luxury buyers to validate the real thing. For instance, the next time you buy a legitimate luxury handbag, chances are that it will come with its very own verifiable and traceable digital identity.
How blockchain technology works for tangible luxury goods
LVMH, Prada, Mercedes-Benz, OTB, Richemont, and more are fervently implementing blockchain technology into it’s businesses thanks to its effectiveness in tracking and trading luxury goods.
Brands and owners can trace various aspects of a luxury product’s life cycle using the tech’s database mechanism. These include authenticity, origin, warranty, repairs, and even history of ownership. “We have already ingested 20 million units on blockchain” says Daniella Ott, General Secretary at Aura Blockchain Consortium, which in 2021, was by competitors LVMH, Prada, OTB and Richemont. The association promotes the use of a single global blockchain solution open to all luxury houses, and more are joining, such as independent Swiss watchmaker H. Moser & Cie.
“For a handbag, when a brand joins the…
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