LVMH Blockchain Initiative Fighting Counterfeits
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LVMH’s global blockchain initiative Fighting Counterfeits aims to fight the rising tide of counterfeits on a global scale. The initiative is being led by CSO Philippe Blanchard, who has spearheaded many pioneering projects such as the creation of LVMH’s “Own Brand” concept, which has become a market leader in the US, and the launch of its digital loyalty program, My LVMH. The Blockchain Initiative involves a global collaboration of some 30 LVMH
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At LVMH we are all familiar with the concept of counterfeits. There are many different types, from a simple “fake” to a highly authentic and genuine product, and each type has a variety of scourges. A fake perfume, for example, often has the wrong label, poor quality ingredients, or the wrong packaging. visit the site And for the consumers, this means that it may look or smell like a real perfume but actually contains a toxic or even dangerous ingredient. Or a fake watch, a fake cellphone, or
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I had the pleasure of being part of a group of professionals that gathered for a conference on “blockchain technology” in Paris. It was a two-day event on November 22-23, 2019, at the Grand Palais, in partnership with the Fondation Martin-Luther. We were all invited to attend to listen to speakers about this technology, which is the topic of this essay. But first, let’s get to the point. What is LVMH?
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LVMH, a renowned luxury conglomerate, is leading a blockchain initiative aiming to eliminate counterfeits and fakes in the retail industry. LVMH’s initiative aims to provide a digital solution for traceability, authentication, and verification of branded products, by establishing a blockchain network that stores all data related to branded items, including their authenticity, origin, and manufacturing processes. LVMH’s initiative is a game-changer, as it is the first blockchain-based
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“Frauds and counterfeits have become a significant challenge for luxury brands around the world. With a rapidly growing number of fake products on the market, many of which originate from developing nations with poor infrastructure and governance, these brands have been forced to take counterfeit issues into their own hands. LVMH (the world’s largest luxury goods conglomerate) has launched an ambitious Blockchain Initiative aimed at resolving this issue by verifying the authenticity of each product in the fashion industry. LVM
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“LVMH’s Blockchain Initiative Fighting Counterfeits”: A Comprehensive Case Study A few years back, counterfeiting had become the biggest problem in the world of luxury brands, which resulted in significant losses for the industry. With the advent of the internet and social media, counterfeiters found it easier to spread their products, and this was especially true of famous luxury brands. One of the leading luxury brands in the world, Louis Vuitton (LVMH), saw the severity of the