Will Blockchain Change the Luxury Goods Market?

[Shahinaz]

When one purchases a luxury product from the retailer, consumers may have questions concerning the origins of the product, and whether it is sustainably sourced. Although the specific retailer may not have an answer, there may now be ways for consumers to get the answers they seek in simple way: through blockchain technology. This transformative technology has the potential to change an industry.

One platform is looking to change the market by attributing a digital identity to luxury products, reports the Montreal Times, and which was originally reported by the New York Times. The company, called Arianee, is a Paris-based company that is working to create a serious number for luxury goods that identify the product’s origin and whether it is sustainable.

One question that arises, according to the report, is who is going to benefit from this type of blockchain – consumers or retailers. David Finlay, Fairtrade Foundations responsible mining manager, stated in the report that such a system might provide a company “more visibility, which is a good thing.” He also questioned without that intervention is “the most important thing for a miner.”

more : https://bitcoinexchangeguide.com/will-blockchain-change-the-luxury-goods-market/

[masterrex]

I believe Blockchain potentials has no limit if we apply and use it innovatively no doubt Luxury goods market is not an exception for the blockchain reach. I'm sure it will bring more innovative changes in the Luxury Goods market if it was use.

[pelana vreo]

Every transaction data written in the blockchain ledger will never be lost or changed, this makes consumers and retailers have many advantages, such as transparency and transaction history from the year of purchasing luxury items that will always be on the blockchain.

[Delgboke]

I don't think Blockchain will actually influenced other goods market that doe's not actually relate with cryptocurrency market reason been that the regular goods market has not build any technology platform that may link Blockchain and cryptocurrency together.

[Noverteno]

I don't think Blockchain will actually influenced other goods market that doe's not actually relate with cryptocurrency market reason been that the regular goods market has not build any technology platform that may link Blockchain and cryptocurrency together.

I do not agree with your opinion. Blockchain technology will affect all markets and almost all sectors of human activity. Blockchain technology allows, first of all, to safely store and use large databases of various information online. With the Internet you can create any database in any direction and on a global scale. Thus, it is possible to create a single database of luxury items, antiques that are large in value and have individual characteristics, where to indicate whether this item is wanted and who owns it. The availability of such accessible information will certainly affect the market for these particularly valuable items.

[Istiak]

Not only the luxury product blockchain simplify financial system of this whole world. People can use crypto as a payment system only by a click of his hand. It is a revolutionary change in present digital world and in time it will become more popular. Digital currency is the future of the digital economy.

[Alcor]

Blockchain technology can affect not only all markets, but also the entire global financial system. Thanks to this technology, banks are switching from their legacy SWIFT system to the ripple network, which operates on the blockchain.
Blockchain technology can be applied in absolutely any field.

[Prime]

It may change it slowly. But, not all of the markets can accept this change. Therefore, it depends on market development, commodity, and also management. However, it is good to get there with the blockchain system. Blockchain technology triggers various crypto commodities.

[aji678]

someday it will certainly happen but slowing down, it also depends on the development, vast commodities and also able to survive in the storm market. with blockchain technology, of course luxury goods will be more able to partner with other projects.