Blockchain aiming to minimise counterfeit goods market

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A new token run on the Ethereum Blockchain, called CRU8 (which is designed for the fashion industry) is being launched by Curate. In effect, Curate has created a Blockchain- powered platform for fashion companies to showcase their latest designs, promote their brands and get feedback, as well as get sales. Brands and retailers such as Gucci, Louis Vuitton, Prada and Zara are all looking to use Curate’s platform as it is designed to protect their brands against people buying fraudulent items. Using Radio Frequency Identification (RFID), items will have ‘smart tags’ attached which will enable buyers to use the camera on their mobile phone to confirm if what they have bought is genuine or fake. A RFID tag is similar to a bar code which can contain information about the product, who designed the product, where and when it was made, using what materials and where it was sourced — thus offering data on a product’s provenance and environmental credentials.

Curate is going to be giving away Ethereum, Bitcoin and CRU8 tokens for those who are active on the Curate platform, in order to encourage users to be active and to help identify counterfeit items being sold.

The challenges of counterfeit goods are well known with over $1.8 trillion of fake goods being sold p.a! In a survey from INCOPRO it was found that:

· Over three-quarters (76%) of consumers confirmed that brand is important, or very important, when it comes to online purchases

· Two-thirds (66%) of those who had been ‘ripped off’ after unintentionally purchasing counterfeit goods, have lost trust in a brand

· 46% had stopped buying from a brand or on-line marketplaces a result of receiving a counterfeit good

While fashion houses dislike fakes, these fakes can help to raise a brand’s profile and reach a much larger audience, as the products are bought by those that cannot usually afford fashion house goods. However, Blockchain technology can help tackle fake goods being sold and give consumers comfort that they are not receiving a counterfeit — not just important in the fashion industry but potentially lifesaving, for example, in the pharmaceutical sector or with specialist engineering parts for machinery, such as an aircraft engine!

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#DigitalAssets#Tokens #ChairmanGemini #Fintech #Blockchain #Assetmanager #Speaker #DigitalBytes #Economics @Teamblockchain Twitter:@jonnyfry175

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