In the luxury goods market, there is an unspoken rule about taking extra steps to verify the authenticity of desired products. Tens of thousands of dollars are at stake, and this breeds many scammers in the market. Manufact solves fraud with blockchain as it is a new way to verify trust within the luxury goods market, especially when industries have more than 90% counterfeit products within this market.
Manufact addresses the problem of the growing amount of counterfeit products through the company’s full traceability method. The traceability method allows the consumer to verify each and every step of development along the supply chain, according to Manufact’s founder and CEO Ali Beydoun.
Beydoun spoke at the Blockchain in Business Conference in Sydney last November 17, 2022. He elaborated that Manufact’s tracking process includes every minute detail, from the production of the product, down to the supply chain leading to the end consumer. Bitcoin SV is fundamental to Manufact’s service as it is a fast, secure and economical repository for data.
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“It’s no secret today that we’re very vulnerable to hacking and we’ve seen that, especially here in Australia in recent weeks with big companies like Medibank and Optus – and who knows who else is next. These companies spend millions of dollars creating layers and layers of security that are just legacy technology. It just allows it to be hacked, Beydoun said.
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“Blockchain, on the other hand, is immutable and every dollar that goes up can never be erased. And that goes hand in hand with what we’re trying to achieve with full traceability. We build our processes on top of companies so they can push their own data. When it comes to the consumer, there’s a clear view of where it started and where it ended.”
Luxury goods are prone to counterfeiting and fraud, especially the niche perfume sector which is overseen by a few fashion product houses. With a lack of traceability and security, these products are vulnerable to tampering. Manufact, using the capabilities of blockchain, is designed to protect all kinds of luxury goods such as designer clothes and bags, watches, jewelry, etc.
Although blockchain already addresses the security and traceability problem of the luxury market, it is also economic. The luxury market deals with millions of products and materials. And if the per-product method costs a dollar while a company has a million products, the transaction fees will get in the way of the company’s profits.
Since the average transaction fee on the BSV network is around 1/20 to 1/100 of a cent, massive data handling will be a breeze for Manufact. There will also be little or no risk of delays and delays within the infinitely scaling BSV blockchain, thus ensuring the company fast and error-free tracking.
Despite the BSV blockchain’s disruptive capabilities, there are still doubts and misunderstandings about the network. Beydoun said blockchain is still “relatively misunderstood” and is still in its early stages of adoption and development. He cites that “old school” thinking is entering the mode of adoption, causing some firms to lag behind disruptive trends.
Nonetheless, Ali encourages businesses worldwide to be open to new technologies like blockchain and see how it can benefit their business. Manufact is one of the leading examples of an emerging blockchain technology that confirms trust within the luxury goods market. In fact, solving fraud with blockchain is now a dream reality.
Image taken from Shutterstock
This post was written by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and is not intended to be investment advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and coins with small market capitalization are inherently riskier than cryptocurrencies with large capitalizations. These tokens are subject to greater liquidity and market risk.
