How LV, Gucci, And Prada Are Leveraging Blockchain Technology

Some of fake products are perfect replicas of the actual brand or designers

Counterfeits are causing problems for authentic brands as well as consumers

Blockchain seems to be the best solution for getting rid of counterfeit products

In a market full of fakes, it’s difficult to identify an original. The line correctly represents the current situation of today’s fashion markets. Many people from the middle or lower class families can’t afford to buy large fashion brands such as Gucci and LV and a lot of them are unaware that such brands even exist.

However, largely considering the Indian context, the streets today are filled with people carrying Michael Kors bags, wearing Gucci apparel or Adidas shoes not knowing that those are just counterfeits. Some of those fake products are perfect replicas of the actual brand or designers that it’s hard to tell the difference.

On one hand, the affordability of these replicas has made them so likeable for some groups, that they prefer to purchase them knowing that they aren’t the real brands. On the other hand, there’s a class of people in some countries like India, that are unaware of big brand names and designer wear or can’t care more to understand the difference, that they end up wearing Abibas t-shirts or shoes with two brand names written on them.

Many people experience fraud when they order a brand but receive a copy or a low-quality material. But the question is, how does this impact the brands as well as the consumers?

The Impact of Counterfeits

Counterfeits are causing problems for authentic brands as well as consumers. Not only do they steal sales of brands by offering products at significantly low prices, but they also damage the brand’s reputation by offering low-quality products that consumers believe are authentic.

Low-quality products damage the trust of consumers in the product and also the business partners of the brand. Irate customers, unhappy with the quality of the product they receive ask for…

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