La blockchain it is already becoming popular and it is only the beginning of something that will radically change the customs of this new society and the global market. If we talk about the economy, there is no sector that cannot be affected by the blockchain. In fact, many industries are finding this technology to be better than current usage measures for completing important work processes.
At the moment, the service and industrial sectors that blockchain technology is influencing are different, for example: banks, insurance companies, healthcare, transport, real estate, cybersecurity, but also commercial realities where the uniqueness of a certified and qualifiedly secure product is required and in some cases, walking through the moment, “planet".
Blockchain nothe financial world
Blockchain could disrupt the commercial banking system by providing a peer-to-peer payment system with high security and low fees. As there is no central authority at the moment, there are no specific fees to pay. This eliminates the need for a third party to make a transaction using a cryptocurrency, such as Bitcoin or one of many others. The transaction is recorded in a ledger which is viewed and reviewed by any cryptocurrency user, offering true autonomy over the transaction. There are applications that provide peer-to-peer money transfers, so users can store, transfer and receive digital money on their PCs, tablets or smartphones. But it is also true that the banks are working to better understand how to be part of these operations, which will probably have to evaluate the transparency of the transactions. Will technology once again discover the best solution?
Blockchain noshe cybersecurity
And if in the cibersecurity cyber attacks are the main threat to our digital world, blockchain technology can protect data from unauthorized access and tampering. Since the blockchain is a decentralized system, it is ideal for environments where high security is involved. Here, all information stored on a blockchain network is verified and encrypted using a cryptographic algorithm. Furthermore, by eliminating a central authority, blockchain provides a secure and transparent way to record transactions without disclosing private information to anyone.
Not to mention counterfeiting in the fashion and luxury world. But how does the digitization of assets affect fashion and luxury in retail?
Let's think about how much counterfeiting generates, millions of global trade. With tagging and QR codes, the creation of “digital twins” on the blockchain is possible. These allow brands to mitigate counterfeit risks by digitally tracking products along the supply chain and after the point of sale. This digital representation of the product on the blockchain, also known as tokenization, allows interested parties to access tracking data and transact in real time without compromising sensitive information.
Blockchain technology can trace all the steps in any production, sales or even supply chain, protecting against counterfeiting.
Blockchain nothe luxury market
The global luxury market will reach €1,3 trillion by 2025, with millennials accounting for 50% of the total market. As millennials and Gen Z consumers drive 85% of global luxury sales growth, the expectation for luxury brands to align with their values becomes progressively more important. Blockchain technology allows brands to better manage their supply chain processes from raw material to final consumer and manage large datasets more efficiently and transparently. Brands willing to leverage blockchain technology to showcase this level of information to consumers will be a huge competitive advantage.
Blockchain also enhances brand storytelling. Indeed, in addition to raising public awareness of the harmful effects of buying counterfeit products, brands need to think creatively about building brand identity and must prioritize creating innovative ways to ensure their products are authentic. Consumers' sense of "belonging" to brands must be directly linked to the desire to own an original product. The MISE - Italian Ministry of Economic Development - for the protection of Made in Italy has launched a pilot project focused on the blockchain as a key tool for the protection of Made in Italy products.
