VeChain, a top enterprise-grade Layer 1 smart contract platform, has reportedly provided a unique solution for the luxury goods industry. With this solution, luxury goods theft and counterfeit issues are expected to be eliminated from the primary and secondary markets.
VeChain Embeds Chipset Within Luxury Goods
One of the challenging problems visible in the luxury goods industry is the issue of counterfeit products and theft. Interestingly, by leveraging blockchain technology, these problems could be tackled.
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An identified approach is the development of a system that tracks products across all supply chains. To note, blockchain is a decentralized public ledger. Therefore, luxury goods stores could establish an inventory of their products on the blockchain with a means to verify products’ authenticity.
Reportedly, Vechain is on course to onboard such technology using its VeChain Thor blockchain. According to a recent update, VeChain has embedded its proprietary chipset within luxury products. This then gives the products a unique identification (ID) on the VeChain Thor blockchain.
As a result, luxury brands can track their products and also upload key data to the VeChain network. More so, this embedded chipset allows companies to monitor their sales channels in real-time thereby preventing illegal overstock trading.
Importantly, this innovation will directly fight the issue of counterfeit products in the luxury goods industry, by allowing customers to check the authenticity of products, using a mobile application. Additionally, brands can provide extra information to clients, stating the story behind every product.
Per the update, “customers can even craft their own stores, creating an emotional bond with their products by uploading their moments to the VeChain platform. User-generated content offers brands valuable feedback and insights to their customers so that they can optimize their brand experience and customer relationship management strategies.”
VeChain-Powered Solutions On The Rise
VeChain is at a critical stage of its ‘Business Consensus.’ This is evident in the adoption of the VeChainThor platform by major enterprises and governments such as China to build solutions.
Recently, the China Food Safety Network (CFSN) adopted VeChain’s Toolchain for food traceability and safety purposes. In late June, VeChain also teamed up with [email protected] to build a Web3 Inventory Monetization platform.
VeChain looks keen on developing businesses to create value and solve real-world economic problems through its blockchain concept.
With the latest development in line with the luxury goods industry, VeChain would become an invaluable companion for sellers in the primary and secondary markets, as it offers trusted product authentication.
On the whole, VeChain puts control back into the hands of luxury brands by making their retail services authentic and data-driven.