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•Prada, LV, Cartier to roll out Aura blockchain.
•This new initiative will keep a check on fake markets
•Bulgari and Hublot have already tested the technology.
The widespread use of blockchain is not unknown to us. We have seen numerous applications starting from food industries to fintech industries throughout the years. Luxury fashion firms have recently extended their hands to the blockchain.
Data That Will be Recorded Cannot be Tampered.
Luxury fashion giants Prada, Louis Vuitton, and Cartier have joined their hands to form the Aura Blockchain Consortium. This new initiative will ensure even more authenticity to its customers. This is just an additional layer that will emphasize the genuineness of their products. The level of security that blockchain offers is entirely different and cannot be messed with. The digital ledger used in the Aura blockchain cannot be hacked in any way. Hence the entire transaction history of each item that is recorded remains intact.
Blockchain Consortium May Encourage the Selling of Second Hand Goods
It is roughly estimated that the total value of the deceived products worldwide amounts to over $2 trillion. In India, the fake luxury market is worth Rs. 6000 crores. Considering the global position of companies like Louis Vuitton, Cartier, and Prada, the counterfeit market is a grave matter that needed to be addressed. By introducing blockchain, every item will be traceable and kept in records. Moreover, this may encourage customers to sell second-hand luxury products.
Although the usage of blockchain consortium in the luxury goods industry is a significant achievement for the blockchain community currently, the companies have no intentions of accepting payments in cryptocurrency.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
