Crypto is crashing but the tech behind it could save luxury brands billions

Luxury brands lost $98 billion worth of sales to counterfeits in 2017 alone. Counterfeit goods cost luxury brands billions every year -- as well as damaging their reputations. Aura Blockchain Consortium is a non-profit platform that creates a "digital twin" for designer products. More than 20 brands are using Aura's software, with over 17 million products registered on the platform. Digital twins will provide more insight into the product's origin, enhancing "traceability and trust" around sustainability and ethical issues for conscious consumers, says Aura. The platform also gives brands control over what information they share and keeps brand and consumer data safe, says Daniela Ott, the general secretary of the consortium. In the future, the ledger could hold information on product maintenance and maintenance. Source