Blockchain meets fashion!

And so, #fashion meets #blockchain! 

I’m extremely excited about this union of technology and fashion reported in the New York Times by @ElizabethPaton. 

So yes, three #HUGE brands in the fashion industry, #LVMH, #Richemont and #Prada, have founded a new blockchain venture that will enable customers to verify the origination of their purchases!

This is groundbreaking stuff and may help to combat #fraud. The luxury sector battles #counterfeit goods year on year and this new technology could help to reduce the number of counterfeit products in the market and also reduce other criminal activity associated with their production!

Previously, #luxury items would be authenticated with a unique stamp/code imprinted by the manufacturer directly onto the item, but a transparent #digitaltracking system did not exist (to my knowledge).

Now, each product will be given a #unique digital code that will be recorded on a #ledger. When shoppers purchase an item, they will be provided with a login to a platform that will provide a full #history of the product.

https://www.nytimes.com/2021/04/20/business/lvmh-richemont-prada-blockchain.html

It is becoming more common for companies to investigate #blockchain and how they can incorporate it into their businesses. 

Note - #Blockchain is a distributed ledger technology that underpins #Bitcoin and other #cryptocurrencies. Blockchains are #immutable and #decentralized, which means that the data stored on them is #trustworthy and #secure.

Thank you for reading!