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Luxury brands are turning to blockchain for authenticity and insurance

By Don-Alvin Adegeest


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Tod's introduce digital product passports to its Di Bag. Credits: Aura Blockchain Consortium

In the world of digital luxury, a significant change is happening with the adoption of blockchain technology. One standout player in this field is Vaultik, known for creating a digital vault exclusively designed for luxury items.

Their digital passports combine ownership and authenticity, providing a unique blockchain certificate for each luxury item during purchase. This not only protects against issues like theft and counterfeiting but also introduces various benefits post-purchase, improving the overall ownership experience.

Vaultik has recently partnered with clients in luxury watches, gemstones, fine jewelry, and leather goods, according to Forbes. The company offers brands a seamless integration, turning challenges into profitable opportunities.

Vaultik's ownership certificates and blockchain-managed insurance policies mark a pioneering move in the digital evolution of the industry.

Luxury group Tod's previously released Digital Product Passports for its handbag Di Bag. Using Aura Blockchain technology and the NFC tag that guarantees its authenticity and traceability, consumers can access all the information about their bag and its supply chain directly through a smartphone.

Blockchain's role in luxury promises increased security, authentication, traceability, and transparency, creating immutable records for product authenticity and ownership, says ISP, a technology and connectivity business. Its uses across the fashion and luxury sectors are likely to see considerable growth in the next five years. '