March 4, 2022
Buyers are always worried if they are buying an authentic product, especially when purchasing some luxury products. Luxury brands are fighting counterfeiters by investing high-tech solutions. Our solution for this is to combine blockchain technology with the life cycle of the physical item.
A smart contract can keep a record of every authentic product, including information about the product and the historical record of this product. For each product, it will be registered in the blockchain by the managers of the company, which provided proof of authenticity of this product; its ownership stored in the blockchain assures the buyer that he or she is buying an authentic product from the person who indeed owns it. To realize this, we also need some physical support. For example, The information for an item stored in blockchain should be linked to the item through serial number, chip or QR code, accessible through an app.
With the rapid growth of resale sites that could take up a larger share of the market in the future, counterfeit merchandise is becoming a more serious problem in the luxury industry. Consumers are always looking for deals, but the resale market is filled out with fake goods. It remains to be seen whether the technology will sufficiently fend off counterfeit merchandise, but tapping into Ethereum technology could be a pathway toward other brands protecting their products and perhaps attracting consumers through transparency and customer perks, too.
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