Blockchain helps Luxury Brands save billions of dollars
Counterfeiting harms not only profits but also brands' reputations - that's why some brands are now leveraging technology to protect their products, brand values and customers.
Counterfeiting harms not only profits but also brands' reputations - that's why some brands are now leveraging technology to protect their products, brand values and customers.
Blockchain helps Luxury Brands save billions of dollars / ph: Louis Vuitton
Although they are competitors, in April 2021, the luxury brand group LVMH (which owns Louis Vuitton, Dior, ...) has partnered with Prada and Cartier to establish the Aura Blockchain Consortium, a non-profit foundation that creates digital twin for design products.
Blockchain is a digital ledger that cannot be edited, altered or tampered. This is also the platform technology applied to cryptocurrencies. But blockchain is still being used in many ways, and Aura is using it to provide digital identifiers for luxury products, helping customers avoid buying fakes.
It is said that more than 20 brands are using Aura's software with more than 17 million products registered on the platform so far.
Other fashion brands are also using blockchain. Luxury watch brands Audemars Piguet and Vacheron Constantin have joined open-source blockchain platform Arianee, while fashion designer Karl Lagerfeld's photo archive is being validated on the Lukso Network.
The creation of a digital identity could be increasingly important for the sale of used luxury goods - A rapidly growing market. Products on online platforms like Hardly Ever Worn It and Vestiaire Collective need to be authenticated before they can be sold – A multi-step process that involves both digital and physical checks.
With this feature, blockchain can also be useful in fields including art, cosmetics, perfume and furniture,... not just fashion. In the future, blockchain technology can also be used to store information about product maintenance and upkeep, help to better determine the value of the products which is convenient for resale.
Most recently, German carmaker Mercedes-Benz joined Aura, as a founding member, and plans to use the platform to explore different aspects of digital promotion such as creating an NFT to provide an in-car digital art experience.
Blockchain helps Luxury Brands save billions of dollars
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