Faced with an onslaught of counterfeit products, luxury retailers have decided to forego their tradition of opacity in lieu of adopting blockchain technology, a decentralised database visible to brands and consumers alike. The move, considered ahead of the curve for the fashion industry, is meant to hinder further proliferation of copycat goods – a global war that reached USD98 billion in 2018. In May, one of the first of these systems was announced featuring LVMH in collaboration with Microsoft and Consensys, who released their newly created blockchain platform entitled AURA. The platform is primarily meant to authenticate luxury goods, and will be accessible to brands beyond the parent company. Rival conglomerate Kering has also been busy at work creating a blockchain platform in conjunction with non-profit Arianee, a project expected to be piloted later this year. Whether blockchain can halt the counterfeit industry for good remains to be seen, but the decision is a large step in the right direction. In fact, the application of this data system also presents tremendous opportunities for increasing sustainability within the industry, starting with authentication. The ability to authenticate high end goods provides consumers with brand transparency, and the power to make better choices . Here are more ways the blockchain is helping to...