How to Keep Bitcoins Safe What is an Bitcoin counterfeiting? How to Get Bitcoins Is Bitcoin Legal? The cryptocurrency industry has delivered new technology to the world of luxury commerce, and it’s helping weed out the fakes. It may seem like a frivolous concern, but counterfeit goods are big business.
Stopping them is a significant business cost for manufacturers of the real thing. And for consumers who pride themselves on owning luxury goods, getting the real thing is essential to a way of life. Guy Halford-Thompson, founder of Blockchain Tech Ltd. The company uses blockchain technology to create a secure registry, tracking who owns designer products. In turn, the database has everything a consumer needs to determine whether the product in hand is actually what it’s supposed to be. With blockchain technology, individuals can track the entire journey of the item from assembly to vendor.
Although obtaining luxury goods is seemingly easier than ever before thanks to the Internet, not every seller is playing by the rules. Halford-Thompson says that watches, handbags and sunglasses are the most counterfeited items he’s seen on the market. And he isn’t the only one who feels this way. Chronicled is a company that uses smart tags to track authentic sneakers that hit the market. With the Chronicled mobile app, shoe shoppers can scan the smart tag of the product and get all of the information about its authenticity in a matter of seconds. As of right now, Orr claims that Air Jordan 11s and Yeezys are the most commonly counterfeited shoes. He adds, however, that his company is raising the stakes for counterfeiters by providing even more security to consumers.