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Tech Behind Crypto Could Save Luxury Brands Billions

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Luxury brands like Louis Vuitton and Prada are using blockchain to protect their products.

Credit: Jeremy Moeller/Getty Images

Luxury brands are using blockchain technology to shield their products from counterfeiting.

Luxury brand conglomerate LVMH partnered with fashion company Prada and jewelry conglomerate Cartier on the Aura Blockchain Consortium, a nonprofit platform that generates digital twins for designer products.

The consortium employs blockchain to produce digital product identifiers for more than 20 brands, including more than 17 million registered products, according to general secretary Daniela Ott.

The software, which amasses a ledger of data like material type and source, where and when products were made, and how many were fabricated, provides customers a digital certificate of authentication that cannot be counterfeited, Ott said.

From CNN
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