(CNN)Counterfeits are a huge problem for high-end designers around the globe: luxury brands lost $98 billion worth of sales to counterfeits in 2017 alone.
These losses can damage both profit and reputation — which is why some brands are now turning to tech to protect their products, brand value and consumers.
Blockchain is a digital ledger that cannot be edited, changed, or tampered with. It's the same technology that underpins cryptocurrencies, which have seen their prices crash lately. But it has many other applications — and Aura is using it to give luxury products a unique digital identifier that will help customers ensure their purchase is the real deal.
"Blockchain is such a fast-moving technology, and it's really complex," says Daniela Ott, the general secretary of Aura Blockchain Consortium. "What Aura is all about is making blockchain easy for luxury brands."
To date, more than 20 brands are using Aura's software, with over 17 million products registered on the platform,...
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