LVMH, Prada and Cartier are working together to provide a blockchain solution for customers looking for additional authentication features for the product.
According to Bloomberg, the world’s most luxurious fashion brands consortium recently said in a joint statement that they are working on a Blockchain project to provide blockchain-enabled solutions for all brands. high level, assuring customers about the authenticity and transparent traceability of products.
Luxury fashion brands such as Louis Vuiton, Prada and Cartier often face the risk of losing billions of dollars in sales to the fake market.
Global counterfeiting will reach $ 991 billion by 2022, nearly double the figure of 2013. This estimate includes luxury goods, consumer products and consumer goods, according to research firm Frontier Economics. Other categories such as pharmaceuticals.
In an interview, LVMH CEO Antonio Belloni said that blockchain blockchain technology is a digital way to confirm transactions by providing encrypted authenticated certificates for products.
In addition, competitors will not be able to access customer data encrypted on the blockchain. “Trust is the only key in our industry and what we really want to preserve,” said Mr Belloni.
According to Mr. Belloni, the new alliance is a way to set an industry standard rather than letting each fashion brand develop its own guaranteed solution.
Aura Blockchain is in contact with other luxury brand groups, but Mr. Belloni declined to disclose details.
Cartier CEO Cyrille Vigneron said:
Cartier tested online product returns, allowing shoppers to take and upload product photos onto the blockchain to prove that the status of the products they return hasn’t changed between the time they receive them. and the moment when they switched it back to the brand.
“It seems very simple, but it means that the trust between the two sides is enhanced.”
Although the new technology is enabled by blockchain, it does not accept payments for goods using cryptocurrencies.
Microsoft and ConsenSys are the units that help luxury fashion groups develop the technological infrastructure for this solution.