After Mastercard announced their participation in the release of Facebook’s new stablecoin, Libra, the company is slowly but surely experimenting with the benefits of the blockchain network and cryptocurrency. According to a recent press release, Mastercard, in partnership with Fred Segal Sunset collection as well as MADE, is launching a blockchain network for luxury designer clothes in order to prevent purchases of fakes.
A blockchain-based solution, the Provenance Solution, was developed to enable customers to have a trustless and secure shopping experience.
From August 14, the fashion collection by Laura and Kate Mulleavy, Rodarte, will have the option of monitoring their clothing sales through the innovative technology.
In a study released last year, in 2020 the fake goods market will be worth USD 1.8 trillion. Right now, the number is USD 1.2 trillion and online shopping constitutes for 30 percent of the money. On the other hand, luxury items constitute for USD 98 billion.
If luxury clothing sales are recorded on the blockchain, the number of fake goods sales is likely to reduce.
The Executive Vice President of MasterCard, Sherri Haymond, stated that the collaboration of art and technology is important and that by using technologies like blockchain, we enable artists to tell the tails of their art to customers.
Mastercard is trying to enhance its role in the sphere of cryptocurrency by developing numerous partnerships with blockchain/crypto businesses.