LVMH, Cartier and Prada are uniting around a new blockchain-based solution named Aurora Blockchain to offer their customers extra transparence and proof of authenticity of their goods. The world’s biggest luxury-goods brands plan to make the solution available to their peers as they all suffer from the same ailment: counterfeit products. Research firm Frontier Economics estimates the global trade in counterfeits will surge to $991 billion by 2022, almost double the level of 2013. “Aura Blockchain is likely to evolve since it’s still a young technology” said Cartier Chief Executive Officer Cyrille Vigneron in an interview. Cartier has already tested one feature with online product returns, which allows shoppers to take a photo and upload it on the blockchain to prove that the condition of the product they’re returning matches that of when they received it. “It’s something simple but it means the trust between the two parties is enhanced,” Vigneron continued before adding “Auction houses might be interested in using such products when they sell fine art”. Indeed, Tiffany is considered as he next “obvious” candidate to join the initiative.
Source: Wall Street Journal
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