Copy link
Increase text size
Decrease text size
Link copied

Mastercard to stamp out fake fashion items with its new blockchain solution 'Provenance'

Image Credit: Fred Segal

Wed, 07 Aug 2019, 05:20 am UTC

Mastercard will use blockchain technology to trace the provenance of limited edition fashion items during an upcoming showcase of women fashion designers.

The payment giant revealed it will support “limited-edition collaborations” that will showcase leading female designers and artists.

The first collection, which is conducted in partnership with retailer Fred Segal Sunset and fashion platform MADE, will feature Mastercard’s blockchain-based tracing platform 'Provenance.'

According to the company, the solution provides insights into the products’ journeys. Customers can simply scan the labels of designer items with a QR code, which will track each step of the production process and verify authenticity.

According to the Global Brand Counterfeiting Report of 2018, losses due to global online counterfeiting have reached $323 billion in 2017. Luxury brands have incurred an estimated loss of $30.3 billion via internet sales.

Leveraging innovative technology solutions, we are able to tell the stories of the products consumers are buying,” Sherri Haymond, Executive Vice President, Digital Partnerships, Mastercard, said.

The limited-edition Rodarte collection that features artwork by Mari Eastman will run from August 2 to 14, 2019 at Fred Segal’s flagship store.

Just recently, Mastercard has also partnered with the Bahrain Electronic Network for Financial Transactions (Benefit) to bring blockchain to the kingdom to enable cross-border commercial payments. The latest move marks Mastercard’s first time to implement blockchain on a national scale in the Middle East.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $20,089.00 (-3.06%)
  • Ethereum (eth) $1,532.84 (-3.30%)
  • BNB (bnb) $376.56 (+12.01%)
  • USD Coin (usdc) $0.999629 (-0.04%)
  • Binance USD (busd) $0.993850 (-0.82%)
  • Bitcoin (btc) $20,089.00 (-3.06%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.