Luxury houses are now tracking the authenticity and origin of their most-coveted products using blockchain, crypto’s underlying technology. The hope is that tracking handbags, coats, watches and diamond rings this way could be a game changer in the industry’s fight against the ballooning counterfeits market.
“A digital certificate of authenticity is a huge, huge problem solver,” says Stefano Rosso, chairman of the French fashion house Maison Margiela and chief executive officer of BVX, which are both part of OTB Group. “In parallel, it helps us market the product and track its origins.”