The Blockchain and Crypto: The Missing Link in Purchasing High-End Goods
Blockchain and cryptocurrency are two of the most recent technological advancements with the potential to change the way we purchase and sell goods. Blockchain technology is a distributed, decentralized database of transactions that cannot be altered or changed. This technique has various uses, including in the luxury goods business, where companies like Aura are using it to assign a unique digital identification to each luxury item. Over 17 million products worldwide already use Aura's software. Luxury brands are collaborating on the application of blockchain technology. Blockchain is being viewed as the missing link in the sale of luxury goods by premium brands. This technology can scan the complete life cycle of a luxury item and collect precise data points, such as the original owner's handwritten note. Customers are more likely to trust a brand whose supply chain is open. This makes customers more loyal and increases their lifetime value. A blockchain is a distributed,