Global blockchain development company HashCash Consultants will offer its technical expertise in designing a blockchain consortium network for a major luxury brand from New York. The proposed blockchain product will resolve the most common problems faced by luxury brands- authenticity and traceability.
Blockchain Consortium for Luxury Brands
The HashCash-designed Blockchain Consortium will be bringing the NY-based brand and its subsidiary labels under a private blockchain network. Other brands may also be included within the consortium. Each participating member will be able to reap the benefits of blockchain be it transparency or reliable product information.
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HashCash CEO and noted blockchain pioneer Raj Chowdhury has always been supportive of blockchain incorporation across different sectors. In an online session, the blockchain proponent added, “Blockchain is a versatile technology owing to its network properties, consensus, and decentralization. In addition to finance, the technology is also ideal for domains that prioritize traceability provenance, and authenticity.”
Consumer End Privileges
Connoisseurs and celebrities endorsing the brand products can easily access all necessary product details through persona and private IDs available as per requirement. The details include lifecycle, location of source materials, the environmental impact of production, warranty, and authenticity.
“Information stored in the blockchain is immutable and tamper-proof, attested by a consensus mechanism. The mechanism is also applicable for luxury brands with state-of-the-art connectivity, guaranteeing the product’s authenticity,” mentioned Chowdhury.
The Power of Blockchain
As explained above, a blockchain consortium promotes higher brand attachment from the consumer end with traceability, provenance, and authenticity. Records on a blockchain network are permanent, immutable, and tamper-proof. The consensus mechanism attests to originality, while a decentralized and distributed ledger storage mechanism facilitates real-time information update. This makes blockchain the ideal infrastructure for logistics and supply chain management.
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HashCash’s strategic alliance with the NY-based luxury brand will help in solidifying its presence as the preferred blockchain solutions provider in the global fashion industry. Businesses seeking blockchain incorporation may communicate with the company for customized blockchain solutions.