#FakeGoods #FashionTechnology #StopFakeGoods

Category: Fake Goods
Industry: Fashion
Location: New York, NY
Related to: Fashion Technology
Reviewer: Jaewon Kim- Parsons School of Design (Fashion Design)
Company: Bitcoin/Blockchain
Website: https://blockchain.info/

Up until recently, the only industry that really cared about Bitcoin’s Blockchain feature was the financial services industry. If the luxury fashion industry implemented tools such as embedded sensors or scannable tags, retailers and manufactures would be able to “document the location, manufacturing stage, and ownership” of their items at any time or place. Transactions then would be tracked in the Blockchain. Though this will not eradicate counterfeiting, it will be a secure way to prove authenticity. Blockchain technology might help lower counterfeiting and the purchasing of these counterfeit goods. It might also help customers feel more comfortable about buying luxury goods online. Implementing this technology may be difficult for at least two reasons. The first being, many consumers are accustomed to buying goods that “look” legit but are at a counterfeit price. Companies may lose customers who are not willing to pay regular price for the authentic thing. Another thing is the cost of implementing Blockchain technology would have to come at the expense of each individual company.