The luxury market is filled with knockoffs and fakes, and the current platforms that move a product from materials, to manufacturing, to market are so siloed and disconnected that fake products can be inserted at any point. This problem provides massive compromises for products that are extremely valuable, and require high levels of customer satisfaction.
Blockchain technology provides a connected system for tracking products from start to finish with security and transparency. The implementation of Blockchain technology into the supply chain allows a product manufacturer, distributor or retailer to see and track the product with absolute certainty.
Additionally, Blockchain allows for complete transparency, meaning that problems in the process from the manufacturing level to the end consumer are easily pinpointable. Issues along the supply chain with shipping, storage or transport can be known and addressed more effectively.
VeChain at BlockShow Asia
VeChain’s presentation at BlockShow Asia traced a number of products from raw material stage to market sales, explaining how Blockchain can protect luxury goods from any number of potential hazards within the product’s lifecycle and beyond in the secondary market.
The system is designed to use the Internet of Things (IoT) technology in order to create private keys for each product that make it possible to track them. All consumers need is a smartphone to check up on the history of products they are purchasing.