Blockchain-backed global commerce, Luxury Ledger, aiming to mitigate all the familiar criminal activities of luxury commerce using innovative technologies and IBM crypto-anchors to track and verify goods.
Luxury Ledger is developing an innovative platform that aims to revolutionize the global luxury market and eliminate the common criminal activities in the market using blockchain technology and IBM cryptographic anchors. Luxury Ledger is emerging as the first of its kind platform that will create a transparent and decentralized asset registry and marketplace, consequently protecting every stakeholder in the luxury market. The startup ensures a product’s authenticity, from point of origin to when it reaches the hands of the consumer. The ecosystem is designed to mitigate all the familiar criminal activities of luxury commerce including diverted goods, stolen merchandise, fraudulent transactions, and counterfeiting. Luxury Ledger is basically bringing the future to the present leveraging the features and benefits of blockchain networks.
The global luxury and retail market is a dynamic and relatively large market that seems to be expanding by the day. The market currently records nearly $5 trillion in annual revenue, reiterating the market’s size and growth in recent times. However, one of the major threats of the global luxury market is counterfeits, costing organizations and other such stakeholders billions of dollars annually. Statistics have shown that the market loses over $600 billion to physical counterfeit yearly, with another $58 billion lost to fraudulent insurance claims and $25 billion lost to online fraud.
The Luxury Ledger Network is described as the “next-generation enterprise and consumer infrastructure.” This is so as it aims to provide a cost-saving, trust-increasing, anti-counterfeit network that brings together different stakeholders in the luxury market including manufacturers, retailers, insurers and consumers. The system comprises of supply-chain management to optimize supply-chain processes, unique, immutable digital identities for the physical asset, and a decentralized marketplace to ensure trust, transparency, and authenticity in global commerce.
The team at Luxury Ledger is in partnership with technology giants, leveraging enterprise solutions to further help brands and consumers adopt blockchain commerce. Some of the technology partners include IBM, Microsoft, Intel IoT Solutions Alliance, and Amazon Web Services. Industry alliances in consideration include Sotheby’s, Christie’s and Crypto Jewelry along with several boutique European brands.
More information about unique solutions from Luxury Ledger can be found on the website. Luxury Ledger can also be found across several social media platforms including Twitter, Telegram, Facebook, and Instagram.