Los productos LVMH, Cartier y Prada estarán certificados por blockchain
Representatives of luxury brands announced that they will protect their products by authenticating them with Aura blockchain
The Louis Vuitton, Cartier, Prada alliance became known on Tuesday. Company representatives stressed that the move would protect their luxury products from counterfeit goods.
This is a big problem. Every year the number of counterfeit famous brands is growing. By 2022, according to Frontier Economics, counterfeit sales in the market will grow to $991.0 billion.
Of course, we are not only talking about luxury goods, but also other products. However, we all know that luxury brands are most often the target of fraudsters. That is why the decision of famous brands comes as no surprise to anyone.
Thanks to Aura, each product will come with a certificate. The destiny of the products will be transparent, and each buyer of a Louis Vuitton bag or Cartier jewelry will be sure that they bought the original.
Microsoft and ConsenSys will help Lux Brands develop the infrastructure for this blockchain solution. With the help of blockchain it will be easier not only to buy, but also to sell second-hand goods, and even to return goods.
Cartier has already tested remote returns. During the test, customers were asked to take photos of the items to confirm that they hadn't been used. These photos are uploaded to the Internet, added to the blockchain, and then the goods are sent to the manufacturer and a refund is issued.
According to Cartier, blockchain helps both parties (the brand and the customer) get closer to each other. That's hard to underestimate. Better yet, three brands have joined the initiative. It's a way to set an industry standard. Who will be next?