December 5, 2022

How brands in the fashion world can use blockchain technology

In a market full of fakes, identifying the original is not easy. This is especially true for today's fashion markets. Many people from the middle or lower class can not afford to buy products of large fashion brands such as Gucci and LV, and some do not even know about their existence.

However, on the street today you can oftenMeet people with Michael Kors handbags, Gucci clothes, or Adidas shoes who don’t realize that they’re just fakes. Among these fakes, there are perfect copies that are difficult to distinguish from the originals.

On the one hand, the availability of these copies madethey are so attractive to certain groups that they prefer to buy them, even knowing that this is not the original. On the other hand, in some countries, such as India, there is a class of people who are not aware of major brands or designers and are not trying to understand what the difference is, so they end up wearing Abibas T-shirts or shoes that show two brands at the same time. . Many also face fraud when ordering the original, but receive a low-quality copy. But the question is, how does this affect brands and consumers?

The effect of fakes

Fakes create problems for genuinebrands and consumers alike. They not only deprive brands of sales by offering products at substantially lower prices, but also damage the reputation of brands by offering low-quality products that consumers accept as genuine. Poor quality harms consumer confidence in products, as well as business partners of the brand. Outraged consumers, dissatisfied with the quality of the products they received, require genuine brands to return funds or exchange fakes, which leads to a chaotic situation. Ultimately, brands have to spend more on combating fakes.

Comparison of real (left) and fake (right) bags of the Gucci brand. Images: BAGAHOLIC 101

This whole situation not only takes time andmoney from brands and consumers, but also deprives designers and brands of inspiration to focus on the development of their projects. This causes brands lasting damage.

Blockchain solution for brands

Blockchain seems like the best solution allowingget rid of fakes. The use of distributed registry technology in the fashion industry can save genuine brands and designers from the intrusive attention of fake manufacturers. Many projects are now considering applying technology in the fashion industry to provide transparency, security, and authenticity to both designers and end users. One such project harnessing the potential of blockchain technology is Curate.

Curate was created with the intention of providingeasy access for users to exclusive and unique fashion products of small and large retailers and designers. This is a decentralized style finder app that rewards users for contributing to the platform with cryptocurrencies such as ETH, BTC and its own CUR8 token.

Curate partners include brands and retailersMerchants like LV, Zara, Gucci, Prada, and Amazon to take advantage of the platform’s blockchain technology. The technology helps brands protect customers from fraud and the risk of buying a fake thanks to the integrated system of remote radio frequency identification (RFID).

Users can authenticate andoriginality of purchased products by scanning RFID tags attached to the material. You can use the mobile phone’s camera to scan tags and get the history of the material. This unique option not only helps customers buy genuine brands, but also protects the reputation of brands from damage caused by fakes.

The story of the material also helps consumers,who do not want to buy clothes made at the expense of the environment. The platform also helps designers, both small and large, gain recognition and fame based on user ratings and votes.

Conclusion

Blockchain has become a savior for both smalldesigners and for major brands. He is able to solve the problems of the fashion industry and protect consumers from fakes. Projects that integrate blockchain into the fashion industry will be very useful in countries such as India, where counterfeit products account for most of the market.

Curate team demonstratedinsight, realizing the problem and developing a platform that does not require trust to solve it, at the same time providing an improved user experience through the use of the concept of a social network. The project was launched on August 9, 2019.