Blockchain Startups Take Aim at Counterfeiting of Luxury Products
The cryptocurrency industry has delivered new technology to the world of luxury commerce, and it’s helping weed out the fakes. It may seem like a frivolous concern, but counterfeit goods are big business. Stopping them is a significant business cost for manufacturers of the real thing. And for consumers who pride themselves on owning luxury goods,....
Related News
A partnership that introduces the Blockchain technology into the manufacturing process of Raketa watches, making Raketa one of the the first companies in the world to record the production of physical goods in the Blockchain, has been instituted. Under the backdrop of a wide range of services for e-business and network security as part of their platform, Emercoin’s Blockchain Engine is partnering with one of the oldest Russian enterprises, Petrodvorets Watch Factory. The fight against counterfeiting. The introduction of the Blockchain technology in manufacturing is aimed at fighting....
Counterfeiting and brand misrepresentation can be fought using the Blockchain technology in conjunction with other collaborative entities. Say experts. We can attach a smart token to a Gucci purse to “prove” it is real. Counterfeiting and brand misrepresentation are issues that have been tricky to handle by internet users. Product protection, especially for artists have posed an insurmountable task due to the anonymous nature of the internet. Even when counterfeiting and brand misrepresentation is detected, managing such cases have also been difficult. Jurisdiction, location, adequate....
The European Union (EU) is working on a project that involves blockchain architecture and the use of non-fungible tokens (NFTs) to fight counterfeiting and forgery. The project is the product of several meetings and blockchain hackathons organized by the European Union Intellectual Property Office and proposes to create digital twins of products to trace their path across supply lines.
European Union to Use NFTs to Protect Intellectual Property
The European Union has recently announced that is working on a system that will use blockchain and NFTs as part of its fight against the....
Counterfeiting, piracy and copyright infringement are all big problems in the digital realm. Could turning products into NFTs help solve some of these issues? Since bursting into mainstream consciousness in 2021 — and even being the subject of a parody on Saturday Night Live — nonfungible tokens have become best known for serving as a vehicle for digital art.Although this application is revolutionary in itself, many crypto enthusiasts believe the industry is only scratching the surface when it comes to developing compelling use cases for NFTs.One of the biggest challenges when buying and....
For many people the luxury market is out of reach. However, with LuxFi, that is no longer the case. The platform combines blockchain technology, NFTs, and a luxury goods market open to anyone, anywhere. LuxFi will mark a significant shift in the way luxury goods are traded, and how people acquire them.
LuxFi is at the center of this transformation in the market. The platform aims to create a transparent, open and data-driven marketplace where users can safely transact with each other. Let’s break down all the components of LuxFi.
Non-Fungible Tokens (NFTs)
At....