Blockchain technology is coming to the fashion industry, meaning the individuality of objects can now be owned and transferred to the virtual world.
“A key advantage of blockchain technology is that it allows uniqueness and ownership to be made visible and executable on a decentralized basis. As creators of culture, it is the next logical step for the fashion and design industry to enable their brands and creations to live in the digital world,” Marjorie Hernandez, LUKSO CEO, told Forbes.
Hernandez is deeming blockchain technology as the next big wave of innovation to hit the fashion industry.
Fabian Vogelsteller, famous Ethereum developer responsible for co-creating the ERC-20 Token Standard, accompanies Hernandez—together, they are creating a blockchain network for the fashion industry.
“Known as ‘LUKSO,’ it is an industry specific blockchain-based ecosystem aiming to create a global new standard for the fashion, lifestyle and luxury goods sector. The LUKSO Blockchain invites the fashion and lifestyle industry to extend their online presence beyond social media, by creating a unified experience for businesses and consumers that live both online and offline,” writes Rachel Wolfson of Forbes.
“We are building a whole new blockchain ecosystem for the fashion and lifestyle industry. This isn’t an app with a token, but rather a foundation layer, based on the Ethereum Virtual Machine (EVM). On top of this foundation, many use cases can be deployed, which are relevant for the fashion and lifestyle industry. Authenticity is the first use case we are looking at, as we see it as the fundamental first step,” Hernandez explained.
Hernandez explains to Forbes that with LUKSO, users who purchase items from the ecosystem will have the certification number of where the goods were made, be able to see the serial number, and track where the materials came from. What’s more, items can also be sold or traded within the ecosystem. This is a first for the fashion industry, and something that is sure to have a significant affect on the way things work.
This topic was originally reported on by Rachel Wolfson at Forbes.
Add Comment