Bitcoin
$ 30,101.00 2.98%
Ethereum
$ 2,026.68 3.30%
Solana
$ 51.48 4.74%
Dogecoin
$ 0.086661 3.29%
ApeCoin
$ 7.99 2.84%
STEPN
$ 1.40 4.80%
Terra
$ 0.000213 92.49%

Mastercard will use the blockchain to protect users from fake designer clothes

Mastercard fashion

Mastercard announced on Friday that it will be teaming up with a bunch of designers and artists in order to adopt the blockchain technology for the industry.

The company mentioned its new “Provenance” platform which will be used to track and record the road that designer clothes go through before finding their way to the nearest shelf at a store.

Although this is a great initiative for tracking the product’s lifecycle there is something completely different in mind for the project. Mastercard will be focusing on removing the dangers of consumers purchasing fake products that have misleading marketing campaigns.

The company mentioned that the financial loss that fashion companies suffer due to counterfeiting is on a completely new level as in 2017 alone, it is calculated to be a $30 billion loss.

Through this new initiative, Mastercard is hoping to support fashion entrepreneurs as well as established brands to guarantee sales and not lose any traction due to cheaper and lower quality alternatives offered on the “black market”.

Although this is not a direct implementation of a Mastercard cryptocurrency it’s still a step inside the blockchain technology for Mastercard, which desperately needs to catch up to its competitors over at Visa.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Shiba Inu price analysis: SHIB devalues at $0.00001150 after bearish run
Crypto exchanges are relisting LUNA after the crash
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash

Follow Us

Industry News

Crypto exchanges are relisting LUNA after the crash
TAG Heuer adopts crypto payment option
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash
OpenSea launches Seaport NFT marketplace