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Nov 6, 2018

Blockchain and the Luxury Industry


E-commerce stores can be built fairly quickly. Scammers can easily build authentic-looking sites, filled with fake comments and feedback about the products and delivery. They lure people in with cheap prices and great discounts, but there is a high probability that the products they sell customers are cheap counterfeits, that is if those customers receive anything at all.

Blockchain technology will bring much-needed transparency and security back to the luxury items industry. Eliminating counterfeit products completely is almost impossible, but it is hoped that blockchain can reduce their universal presence.

There are already some companies that are utilizing this technology, but it is still in its infancy. To achieve an international scale, it will take much more time and effort. But the building blocks have been laid.


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