Luxury brand representatives revealed that they would encrypt their goods by using the Aura blockchain to authenticate them.
On Tuesday, the partnership between Louis Vuitton, Cartier, and Prada was revealed. Representatives for the company said that the decision would shield their high-end items from counterfeiting.
This is a major issue. Per year, the number of fake well-known brands increases. According to Frontier Economics, counterfeit retail revenues will reach $991.0 billion by 2022.
Of course, we’re not only talking about expensive goods here; we’re also talking about other products. However, we are all aware that luxury labels are often targeted by con artists. As a result, no one is surprised by the decision of well-known brands.
Each commodity will be accompanied by a certificate, thanks to Aura. The goods’ destinies will be clear, and any buyer of a Louis Vuitton bag or Cartier jewels will know they are getting the genuine article.
Lux Brands will be supported in developing the architecture for this blockchain solution by Microsoft and ConsenSys. It would be easier to not only purchase, but also sell, and return secondhand merchandise with the aid of blockchain.
Cartier has also put remote returns to the test. Customers were instructed to photograph the objects after the evaluation to ensure that they had not been used. These images are then posted to the internet, connected to the blockchain, and the products are shipped back to the manufacturer for a refund.
According to Cartier, blockchain allows both the brand and the consumer to become more connected. It’s difficult to dismiss that. Even better, three brands have entered the campaign. It’s a way to create a benchmark for the industry. Which brand will be next?