November 30, 2023

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Prada tests blockchain technology on the Miu Miu bag

Prada tests blockchain technology on the Miu Miu bag

according to Stady According to the Organization for Economic Co-operation and Development, global sales of counterfeit products and plagiarism exist Half a trillion (!) US dollars – reason enough, Blockchain technology to be used in Products authenticity to prove. Plus a few other luxury brands I tried For this Prada New technology has been in use for a long time. The company is currently testing Blockchain-based NFC chips In a new series of popular and Precious Miu Miu bags.

Prada is testing blockchain technology

Writer for Al-Akhbar magazine bloomberg I recently bought a bag from Miu Miu, which is a subsidiary of Prada. In doing so, she discovered a hidden recyclable card that read:

“The certificate for this original Prada product has been uploaded to the Aura Blockchain Consortium platform to authenticate and ensure its integrity.”

Intrigued by the fact that blockchain technology entered her life in this way, she began researching far and wide. I asked Prada what advantages it has with the NFC chip. Prada said in a statement:

“With the Aura label on its products, the Prada Group lets its customers know that it has been integrated into the blockchain. You have the assurance that it is authentic and has its own identity that does not change.”

In fact, Prada has been working with the Aura Blockchain Consortium to leverage blockchain technology for authentication for about three years. The company was founded in 2021 by LVMH and the Prada & Richemont Group. Shortly thereafter, luxury brand OTB and car manufacturer Mercedes-Benz also joined the consortium.

Since then, NFC chips based on the consortium’s blockchain technology have become many luxury products – With OTB even in more than 600,000 pieces. Additionally, Prada has used blockchain technology in its timeless gold jewelry line to prove product authenticity, carbon footprint, and raw material authenticity.

However, the use of Miu Miu bags is still limited. When the bag strap broke, the author went to Miu Miu. However, the chip was not used in the exchange. Instead, they continue to rely on the data and information provided by the author. Thus, the chip cannot provide more than proof of the authenticity of the bags. Proof of ownership is still currently difficult with chips – after all, the owner is not yet mentioned on the consortium’s blockchain.

Prada and the world of NFT

However, the situation is different with Prada’s NFT collection called Timecapsule. The first version of the NFT collection was launched in December 2019 – and there are currently 44 different versions.

Ethereum NFTs are associated with real clothing items from the brand and sometimes offer exclusive benefits to buyers. Because customer details of NFT holders are stored in Prada, ownership of the connected physical garments can be proven. If this NFT garment is also equipped with an NFC chip, both ownership and authenticity can be clearly traced soon – if the customer so desires.

Prada’s NFT efforts can also be said to play into its collaboration with the Aura Blockchain consortia. Like the Aura Blockchain Federation technologies, NFTs are based on Ethereum’s ERC-721 NFT standard. The consortium’s long-term goal is to enable anonymous and decentralized tracking and proof of ownership.

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Whether and when blockchain technology will become an integral part of our daily lives is of course still up in the stars. However, the efforts of the big luxury brands show that they are at least willing to be prepared and take advantage of the technology.

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In accordance with the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This article aims to provide accurate and up-to-date information. However, readers are encouraged to independently verify the facts and consult a professional before making any decisions based on this content.