Traditional methods insufficient to control counterfeiting in luxury retail market: Qila
Luxury goods retail faces a $30 billion annual loss due to counterfeiting, prompting a shift to advanced technologies like blockchain and tokenization. These innovations ensure product authenticity and protect brand reputation. Blockchain tracks products from manufacture to sale, offering easy verification for consumers. Tokenization creates unique digital fingerprints for each product, enabling instant authenticity checks via QR codes or apps. Despite challenges in setting up infrastructure, these technologies promise to revolutionize the industry, enhancing transparency, building trust, and securing luxury goods' integrity.