Blockchain Technology Could Help Luxury Brands Save Billions
June 29, 2022 at 12:50 PM EDT
While cryptocurrencies are currently being battered on the market, the tech upon which they are based is finding new uses in the luxury brand segment. Players in this space have turned to blockchain as a way to fight back against counterfeiting, which costs different luxury brands billions in lost revenue as well as legal costs.
The losses suffered by luxury brands are astronomical. For example, in 2017 alone, these brands reported a total of $98 billion in lost sales. The cost of counterfeits isn’t just restricted to the monetary aspect — even the reputation of the brand suffers when a customer who thought they had bought the…
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