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Source: VentureBeat
Summary
Veritas, a company, has launched a blockchain-based solution to verify the authenticity of luxury goods. The solution combines custom hardware and software to solve the problem of counterfeits in the luxury goods industry, which loses over $30 billion annually. The solution also aims to provide a reliable way for buyers in the second-hand market to verify the authenticity of luxury goods, a $210 billion industry.
Our Reading
The announcement sounds ambitious.
Veritas is launching a solution to verify the authenticity of luxury goods, which is a problem that has been around for decades. The solution uses blockchain technology, which is supposed to provide a secure and transparent way to verify the authenticity of goods. The company claims that the solution will help luxury brands recover lost revenue due to counterfeits, and also provide a reliable way for buyers in the second-hand market to verify the authenticity of goods.
This is just a rehashing of existing ideas, with a fancy new label on it. We’ve seen this before with other companies claiming to solve the same problem.
The original observation is that this is just a new spin on the old “trusted third-party” solution, which has been around for ages.
Author: Evan Null
