balenciaga The Fashion Industry is in dire need of a saving grace, and Crypto may be just what it needs.

The Fashion Industry is in dire need of a saving grace, and Crypto may be just what it needs.

– The Aura Blockchain Consortium is a non-profit platform created by luxury fashion brands LVMH, Prada, and Cartier to create a digital twin for their fashion items.
– The platform leverages blockchain technology, which has the features of transparency and immutability to ensure that consumers of the brands are buying original copies.
– Through blockchain, Aura creates unique digital identifiers of luxury products and so far, 20 brands have signed up on the platform with over 17 million products listed.
– The need for collaboration amongst luxury fashion houses is not far-fetched, as the industry lost nearly $100 million to counterfeits in 2021.
– Aura works by creating a compendium of information about the listed items, including the date of manufacture, type of material, and the number manufactured in the particular lot.
– In terms of governance, the founding firms that contributed the lions share of Auras development play a larger role in the decision-making process.

 

 

balenciaga The Fashion Industry is in dire need of a saving grace, and Crypto may be just what it needs.
The Fashion Industry is in dire need of a saving grace, and Crypto may be just what it needs. 3

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