In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This outstanding article by Andrew Rossow published on Forbes offers an insight on how the luxury goods market will benefit from blockchain technology. Read on.
“If you were to walk into your closet, attic, or basement, what items would you find? Whether it’s a Louis Vuitton purse, Coach billfold, Rolex watch, or other luxurious item long forgotten, there’s no doubt that these items have retained some value. But, how do you know that the item you’re holding is in fact worth the amount you believe it to be?
Absent paying a visit to an appraiser or utilizing an authentication system of sorts, there’s no way to be completely confident in the valuation. That’s where the implementation of blockchain technology comes into effect, which can make a huge dent in this industry.”