Crypto is crashing but the tech behind it could save luxury brands billions
CNN
Counterfeits are a huge problem for high-end designers but a new platform could help ensure that high-value purchases are the real deal.
These losses can damage both profit and reputation — which is why some brands are now turning to tech to protect their products, brand value and consumers.
Despite being competitors, luxury brand conglomerate LVMH (LVMHF) joined forces with Prada (PRDSY), and Cartier in April 2021 to establish the Aura Blockchain Consortium, a non-profit platform that creates a "digital twin" for designer products.
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