CAN THO CITY DEPARTMENT OF SCIENCE AND TECHNOLOGY
Applying blockchain technology to protect trademarks of goods
Luxury fashion brands are promoting the use of blockchain technology to protect products, brand values and consumers.

The problem of counterfeiting costs brands billions of dollars every year.

Counterfeiting is a big problem for designers around the globe. In particular, for luxury brands, they lost $98 billion in sales to counterfeit goods in 2017 alone. This not only damaged their profits but also their reputation. That's why many companies are turning to technology to protect products, brand values and consumers.

Despite being competitors, luxury goods groups Louis Vuiton Moët-Henness (LVMH), Prada and Cartier in April 2021 collaborated to establish the Aura Blockchain Consortium (Aura Blockchain Consortium) - a Non-profit platform to create “digital twins” for designer goods.

Blockchain is a digital technics that cannot be altered, altered or faked. It's the underlying technology of cryptocurrencies, but there are many other useful uses, and Aura is using it to provide unique digital identifiers for luxury products, helping customers ensure they're buying authentic product.

Daniela Ott, General Secretary of Aura, said blockchain is complex, but all the alliance make it accessible to luxury brands. So far, more than 20 brands are using Aura's software, with more than 17 million products registered on the platform.

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