Prada Group Uses Blockchain Technology to Verify Authenticity of Products

Prada Group has partnered with the Aura Blockchain Consortium to utilize blockchain technology in verifying the authenticity of its products. This move aims to combat counterfeit goods, which account for about 2.5% of world trade, according to the OECD. The technology allows customers to easily authenticate their purchases and track the origin of the product. Additionally, Prada has integrated blockchain tracking into its Fine Jewelry Eternal Gold line, providing customers with information about the materials used and the item's sustainability. However, there are concerns that a stronger secondhand market facilitated by blockchain might challenge luxury brands' exclusivity.

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