Mastercard announced on Friday that it will be teaming up with a bunch of designers and artists in order to adopt the blockchain technology for the industry.
The company mentioned its new “Provenance” platform which will be used to track and record the road that designer clothes go through before finding their way to the nearest shelf at a store.
Although this is a great initiative for tracking the product’s lifecycle there is something completely different in mind for the project. Mastercard will be focusing on removing the dangers of consumers purchasing fake products that have misleading marketing campaigns.
The company mentioned that the financial loss that fashion companies suffer due to counterfeiting is on a completely new level as in 2017 alone, it is calculated to be a $30 billion loss.
Through this new initiative, Mastercard is hoping to support fashion entrepreneurs as well as established brands to guarantee sales and not lose any traction due to cheaper and lower quality alternatives offered on the “black market”.
Although this is not a direct implementation of a Mastercard cryptocurrency it’s still a step inside the blockchain technology for Mastercard, which desperately needs to catch up to its competitors over at Visa.