Originally published in Vogue Business.
Blockchain is one of the fastest-growing sectors in tech, and the fashion industry is taking note. Investment in blockchain startups has increased at a compound annual growth rate of 90 per cent over the past five years, according to Nathan Pacer, co-founder and chief research officer of research firm Venture Scanner. “At its core, blockchain is all about proof of exclusivity and anti-counterfeiting — areas that are important to fashion. Blockchain is still a relatively young technology, but it is showing signs of traction.”“In fashion, authenticity is important, limited edition is important, being the first to wear or discover something is important — and it’s impossible to prove the authenticity of a digital thing without blockchain,” adds Roham Gharegozlou, CEO of Vancouver-based Dapper Labs, which created the $140,000 CryptoKitty.
Here are six ways luxury companies are already using blockchain.
Click here to read on.