LVMH, Richemont and Prada Push the Envelope of Transparency for Its Consumers
Utilising the latest technology, the Aura Blockchain Consortium allows consumers to have a clear view of their product?s life cycle.
The post LVMH, Richemont and Prada Push the Envelope of Transparency for Its Consumers appeared first on LUXUO.
Photo by Laura Chouette on Unsplash
Luxury conglomerates LVMH, Richemont and Prada have announced an ?unprecedented collaboration?, they are joining hands on a blockchain consortium which will enable consumers to trace and authenticate their goods.
The luxury sector is notoriously known to be plagued with the issue of counterfeits and knockoff products. According to research firm Frontier Economics, the global trade in counterfeits will balloon to US$991 billion by 2022. While this figure also comprises other consumer products in categories like pharmaceuticals, the emergence of resale and ?re-commerce? sector through sites such as Vestiaire Collection and The RealReal also means greater susceptibility for online fraud and the sale of stolen luxury goods.
To mitigate the risks associated with the situations mentioned above, the luxury groups employed the use of blockchain technology to provide authentication. The unhackable nature of such technology makes it a prime choice for these companies to leverage and create a global, digital ledger that can store information such as the product?s history, proof of ownership, warranty and maintenance, all of which can be accessed by the consumers.
“Consumers can easily and tra...
The post LVMH, Richemont and Prada Push the Envelope of Transparency for Its Consumers appeared first on LUXUO.
Photo by Laura Chouette on Unsplash
Luxury conglomerates LVMH, Richemont and Prada have announced an ?unprecedented collaboration?, they are joining hands on a blockchain consortium which will enable consumers to trace and authenticate their goods.
The luxury sector is notoriously known to be plagued with the issue of counterfeits and knockoff products. According to research firm Frontier Economics, the global trade in counterfeits will balloon to US$991 billion by 2022. While this figure also comprises other consumer products in categories like pharmaceuticals, the emergence of resale and ?re-commerce? sector through sites such as Vestiaire Collection and The RealReal also means greater susceptibility for online fraud and the sale of stolen luxury goods.
To mitigate the risks associated with the situations mentioned above, the luxury groups employed the use of blockchain technology to provide authentication. The unhackable nature of such technology makes it a prime choice for these companies to leverage and create a global, digital ledger that can store information such as the product?s history, proof of ownership, warranty and maintenance, all of which can be accessed by the consumers.
“Consumers can easily and tra...
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