“Prada Group Uses Blockchain Technology to Verify Authenticity of Products” (CryptoNews)
The Prada Group, renowned for its high fashion, recently announced that it will use blockchain technology to verify the authenticity of its products, in cooperation with the Aura Blockchain Consortium.
“Prada Group, LVMH, Richemont, and other industry leaders founded the Aura Blockchain Consortium in 2021 to develop blockchain solutions to track their highly coveted and expensive goods. These brands aim to provide customers with a reliable way to authenticate their products, which, in turn, can increase the appeal and value of original items. Additionally, this technology allows customers to easily pass on or resell their products, further strengthening the investment value of these luxury goods.” (CryptoNews)
Not only that, but CryptoNews also reports that “Prada Group has integrated blockchain tracking into its Fine Jewelry Eternal Gold line, which features certified recycled gold and ethically sourced precious stones. Customers can tap their phones on the jewelry's card to access the certificate of authenticity, information about the materials used, and the item's carbon footprint.”
These developments mark the ever-expanding applications of blockchain in a growing variety of industries.
Bloomberg first reported this story on Wednesday, August 30, 2023.
