Prada Group Uses Blockchain Technology to Verify Authenticity of Products
Prada Group, the parent company of Miu Miu, has embraced high-tech solutions like blockchain technology to combat counterfeit products.
The company, in cooperation with the Aura Blockchain Consortium, has launched blockchain services that allow customers to verify the authenticity of their purchased products, according to a Wednesday report from Bloomberg.
“This authentic Prada product’s certificate has been uploaded on Aura Blockchain Consortium’s platform to record and guarantee its integrity," a little card tucked in the company's expensive products read.
According to the Organization for Economic Cooperation and Development (OECD), counterfeit and fake products account for about 2.5% of world trade, with an estimated worth of $464 billion annually.
To combat this growing issue, Prada Group, LVMH, Richemont, and other industry leaders founded the Aura Blockchain Consortium in 2021 to develop blockchain solutions to track their highly coveted and expensive goods.
These brands aim to provide customers with a reliable way to authenticate their products, which, in turn, can increase the appeal and value of original items.
Additionally, this technology allows customers to easily pass on or resell their products, further strengthening the investment value of these luxury goods.
"A digital certificate of authenticity is a huge, huge problem solver. In parallel, it helps us market the product and track its origins," Stefano Rosso, chairman of Maison Margiela and CEO of BVX, explained.
The Aura Consortium's blockchain technology enables customers to verify products by accessing a digital certificate of authenticity.
Customers can tap their smartphones on items like Maison Margiela Tabi shoes, which contain embedded NFC chips.
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