Mastercard demoed Provenance blockchain solution that counters fake fashion at retailer Fred Segal Sunset - AcceleratingBiz

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Briefing

0	Mastercard demoed Provenance blockchain solution that counters fake fashion at retailer Fred Segal Sunset August 5, 2019

Briefing:

Fashion Blockchain – Mastercard developed Provenance, blockchain solution that tracks source and verifies authenticity of clothes bought from retail store
QR Code – Customers scan QR code on garment tag to find more information about product
Combating Fakes – Solution designed to combat counterfeits, which made up $323 billion in 2017 for online goods, with luxury brands losing $30.3 billion
Limited Edition Collections – Partnered with retailer Fred Segal Sunset and fashion discovery platform MADE to launch three limited edition collections from women designers and artists, with first collection to feature designs from Rodarte and artwork by Mari Eastman
Technology Demonstration – Customers were able to try technology at Fred Segal Sunset offline and/or online store between August 2 and 14, 2019

Accelerators: Web3 Ecosystems, Tokens and Consensus Mechanisms , Online Commerce

Market Disruptions: Intellectual Property , Informed and Empowered , Innovation Partnerships , Intelligent, Data-Optimized Supply Chains

Business Models and Practices: Evolved Distribution Channels , Optimized Supply Chain , Innovative Partnerships

Sectors: Financial Services, Information Technology, Wholesale and Retail Trade, Consumer Non-Durables

Functions: Customer Experience and Service, IT Infrastructure, Research and Development, Supply Chain and Logistics

Organizations: MasterCard Inc., Fred Segal, Rodarte LLC, Endeavor Operating Company LLC (IMG)

Source:

"Mastercard enables luxury shoppers to purchase with confidence,"

MasterCard, https://www.mastercard.us/;
Palmer, D., "Mastercard to tackle fashion fakes with blockchain tracking solution",

CoinDesk, http://www.coindesk.com/;
AcceleratingBiz analysis

Original Publication Date: August 2, 2019

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