Fashion Brands Using Blockchain to Combat Counterfeiting

2021-4-20 21:26

Fashion brands LVMH, Richemont’s Cartier, and Prada SpA are partnering to offer a blockchain solution to their customers seeking additional authenticity for their products.

The consortium plans to make the Aura Blockchain available to other luxury brands. The solution will provide their customers greater assurance that their products are authentic by providing an encrypted certificate of guarantee. It will also make the products more traceable, facilitating the resale of luxury goods on the secondary market.

Utilizing blockchain to combat counterfeiting

Fashion brands are utilizing blockchain technology primarily to combat counterfeit markets, to which they lose billions each year. Research firm Frontier Economics expects the global trade in counterfeits to balloon to $991 billion by 2022. This is almost double the amount in 2013. The estimate includes not only luxury goods but also consumer products and several other categories like pharmaceuticals. 

Consortium member Cartier has already tested one feature of the Aura Blockchain with online product returns. So far, shoppers have been able to take a photo of a good they wish to return before returning it. This way, customers can reliably prove the product hasn’t been damaged or altered since they first received it.

According to Cartier CEO Cyrille Vigneron, the Aura Blockchain is likely to evolve since it’s still an emerging technology. He also recommended that auction houses utilize blockchain technology to authenticate the sale of fine art.

Aura blockchain expansion

Rather than each brand developing its own solution separately, LVMH Managing Director Antonio Belloni said the partnership is a way to set an industry standard. Belloni said the consortium is in contact with other luxury groups to expand the use of the Aura Blockchain. However, he declined to disclose which. He added that the client data encrypted onto the blockchain wouldn’t be accessible to rivals.

LMVH is a fashion brand conglomerate with many notable names under its management. Within LVMH, Louis Vuitton, Bulgari, and Hublot are just a few that have already tried the technology. Belloni mentioned that Tiffany & Co. is the next “obvious” candidate. 

Although utilizing blockchain technology in an authenticating capacity, none of the brands have plans to accept payment in cryptocurrencies. Microsoft and ConsenSys are developing the infrastructure.

Other fashion brand’s uses of blockchain technology 

The estate of fashion icon Karl Lagerfeld recently uploaded his photography catalog to a blockchain for a similar purpose of retaining authenticity. However, the collection has been uploaded as NFTs, which will enable them to be sold for cryptocurrency.

Meanwhile, other fashion brands have taken a variety of approaches to engage with blockchain technology. While major luxury brands are mulling over the prospect of releasing NFTs, other smaller brands are diving in. 

Sydney-based Neuno wants to provide a 3D wardrobe across multiple online platforms, such as social media and video games. Another smaller brand, Clothia, is offering clothing NFTs that come with physical copies as well. As one fashion expert declared, “as we move into a more immersive web, every fashion brand will need to have a virtual strategy.”

The post Fashion Brands Using Blockchain to Combat Counterfeiting appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.0910131 (-100%)

blockchain brands products greater authentic assurance guarantee

blockchain brands → Результатов: 126


Lympo launching its LMT utility token for sports NFT collectibles on Binance Smart Chain

CryptoNinjas » Lympo launching its LMT utility token for sports NFT collectibles on Binance Smart Chain Animoca Brands, a company specializing in blockchain, gamification, and artificial intelligence technologies, today announced that its recently acquired subsidiary Lympo will launch LMT, a new utility token to empower Lympo’s ecosystem of sports-related non-fungible tokens (NFTs); including collectibles based on world-famous athletes.

2021-3-12 01:30


Фото:

UCC Coffee Integrates IBM-Powered Blockchain Solution for Supply Chain Traceability

UCC Coffee, a UK coffee manufacturer has partnered with fintech company Farmer Connect, to integrate the latter’s IBM blockchain-powered coffee tracking solution to trace one of its coffee brands. Tracking Coffee Supply Chain with Blockchain Technology  According to a report by Verdict on November 26, 2020, the coffee manufacturer has adopted Farmer Connect’s “Thank MyRead MoreRead More.

2020-11-28 20:30


Фото:

EVRYTHNG, Arianee Join Forces to Trace Luxury Goods with Blockchain

EVRYTHNG, a company that claims to foster supply chain transparency using Internet of things (IoT), is partnering with Arianee, a distributed ledger technology  (DLT) project that’s focused on building perpetual relationships between brands and product owners, to track and prove the authenticity of luxury goods with blockchain technology, reports Ledger Insights on June 17, 2020.

2020-6-19 22:00


Atari and Arkane Network Partner to Allow Developers to Integrate Digital Assets Into Gaming

Atari, one of the most recognizable gaming brands has partnered with Arkane Network which offers blockchain as a service to help developers integrate digital assets into the gaming ecosystem. The partnership would see the launch of the Atari token on the Arkane network which can be used by the players to buy, sell, and trade […]

2020-5-16 20:12


The Sandbox blockchain gaming platform generates 800 ETH in first day of LAND presale second round

Animoca Brands, a development company leveraging gamification, blockchain, and artificial intelligence technologies and its subsidiary TSB Gaming, a creator of world-building experiences, announced today that the second round of the LAND presale for its forthcoming decentralized blockchain gaming platform The Sandbox, totaling 6,192 unique LAND parcels, generated 800 ETH of sales within hours of opening […] CryptoNinjas: The Sandbox blockchain gaming platform generates 800 ETH in first day of LAND presale second round

2020-2-14 14:20


Фото:

Bayern Munich Partners with Stryking for Blockchain-Based Collectibles

Bayern Munich, Germany’s most successful football club, has partnered with the blockchain-oriented venture of fan engagement firm, Stryking Entertainment. Blockchain-Based Collectibles on Bayern Players According to the agreement, Stryking, which is itself a subsidiary of Hong Kong-based Animoca Brands – a mobile games developer, will issue and distribute digital collectibles based on Bayern players.

2019-10-15 18:30


Animoca Brands to develop official MotoGP blockchain manager game

Animoca Brands to develop official MotoGP blockchain manager game - CryptoNinjas Animoca Brands, a company which leverages gamification, blockchain, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products, today announced that is has secured a three-year global licensing agreement with Dorna Sports, to develop and publish the official blockchain manager game and associated digital collectibles of FIM Road Racing World Championship […] Animoca Brands to develop official MotoGP blockchain manager game - CryptoNinjas

2019-9-26 16:15


BitMart Wins “The Brandlaureate Tech Award”

Disclaimer: This a paid post, and should not be treated as news/advice The winners of The BrandLaureate Tech Awards were announced by The World Brands Foundation [TWBF] at the BLOCOMIC – Blockchain Economic Summit at Putrajaya, BitMart was announced to win The BrandLaureate Tech Award [Exchanger], being one of the renowned organizations represents the very […] The post BitMart Wins “The Brandlaureate Tech Award” appeared first on AMBCrypto.

2019-8-23 10:30