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

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.

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