[2019-01-13]Blockchain Technology to Challenge the Luxury Black Market in Italy

[Vladdirescu87]

From today onwards, fake commodities could last for a very short time. Thanks to blockchain technology for making it possible to understand whether the package you are purchasing is authentic, its origin, its characteristics, and where it should be delivered in case it gets lost or stolen.

Luxury products tracked as smartphones and furnished with microchips created using distributed ledger technology (DLT), scam-proof. Bye-bye to Daior, Guccio and D&C. Now, Luxochain, a Swiss firm based in Lugano, plans to penetrate a black market which has accumulated losses of around €83 billion in 2017 in the luxury landscape.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/blockchain-technology-to-challenge-black-market/

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[buwaytress]

Fake commodities cease to exist thanks to blockchain? Lot has been said about supply chain utility, and then for luxury goods. Am actually surprised at the sheer number of projects doing exactly the same thing. Strange as it may seem, but because these luxury items rely on some form of non-transparent authentication, having more than 20 blockchains (all private btw) claiming to each be the sole protector of these types of information, isn't going to help.

Too many points of failure... how do we know the manufacturers are entering the right information? Or the suppliers? If you still have to trust each party, what's the point?

[Harlot]

Great a solution for rich people not to be scammed by buying luxury products? What's great about this? The items involved are not even used or bought by half of the population here. Their tech on spotting counterfeit products is great but they are targeting a small portion of the market here, you know the ones not really useful as they are tagged as luxury not necessity. If they bring this technology down to basic goods this will be proven beneficial to all people because all products are having counterfeits and fake substitutes now not only luxury items.

[hatshepsut93]

Fake commodities cease to exist thanks to blockchain? Lot has been said about supply chain utility, and then for luxury goods. Am actually surprised at the sheer number of projects doing exactly the same thing. Strange as it may seem, but because these luxury items rely on some form of non-transparent authentication, having more than 20 blockchains (all private btw) claiming to each be the sole protector of these types of information, isn't going to help.

Too many points of failure... how do we know the manufacturers are entering the right information? Or the suppliers? If you still have to trust each party, what's the point?

Every big brand has some anti-counterfeit measures, and it's really unclear how blockchain would improve anything. For customers there's no difference whether they check product codes on the official website or through some blockchain. For distributors it's probably way less relevant, because it's very rare for them to get fake goods from their suppliers, so most of the fakes are sold knowingly.

[btyco]

Sounds like farmatrust which prevents fake medicine from distribution. They reached their hardcap and is backed by a member of UK government. If this one has similar backing it can be very successful

[Betwrong]

Now, Luxochain, a Swiss firm based in Lugano, plans to penetrate a black market which has accumulated losses of around €83 billion in 2017 in the luxury landscape.

I'm wondering how they calculate the "losses"? If they imply that genuine products would be bought instead of forgeries with the money, they are terribly wrong. Where I live one in two women goes around with a fake D&G bag and wearing fake Gucci or Dior sunglasses, and they buy them knowingly because they are 20 times cheaper than authentic ones while looking the same. Sometimes rich people lose touch with reality to the extent that they think only they are smart enough to buy genuine products while others are buying fakes because they are dumb. They can't grasp that most people just can't afford that.

[Carlton Banks]

....in other breaking blockchain news....

DEAD CIVILIANS PUT ON THE BLOCKCHAIN

In a great new deal for casualties of peace, a new plan has been launched to record deaths in peace-zones on what is being dubbed the "braverychain". It is a known problem accurately counting the dead during peacekeeping campaigns, and so a new internationally backed intiative is currently being trialed using the most transparent technology yet devised: blockchain.

Tested since early last month in the Oceana v.s. Eurasia/Eastasia conflict (who have always been in armed negotiations), the early results are equally fantastic and unbelievable. During carpet bombing of 100,000 homes, a total of zero deaths were recorded with 100% accuracy. Happy survivors could not be reached for comment.

[stompix]

@Carlton Banks, lol, new ICO idea
Do we have an ICO that tokenizes graveyards?

Luxury products tracked as smartphones and furnished with microchips created using distributed ledger technology (DLT), scam-proof

Hmm, interesting to see where things are going....chips in everything. I'm waiting for a condom with a microchip that ensures is not counterfeit and has zero holes in it.

But anyhow if chips can be cloned the information they provide means zero, and if not I don't see why this should be done with a blockchain after all a simple database could do the same, it's not like they are going to let people mine or add blocks to it .

Sounds like farmatrust which prevents fake medicine from distribution. They reached their hardcap and is backed by a member of UK government. If this one has similar backing it can be very successful

Hardcap for what? Seriously what's the point of tokens here?