Blockchain in luxury fashion: a collaborative approach to innovation and trust

Blockchain technology has shown significant potential in a wide range of industries, including fashion where, in addition to solving existing problems, blockchain has the potential to radically transform the industry, creating new experiences for consumers and opening up innovative business opportunities in the virtual environment. To harness the potential of blockchain technology, companies are increasingly considering joining blockchain consortia that offer a shared infrastructure that enables transparent, secure and efficient operations, allowing members to collaborate technologically while competing in the same industry. The results of the discussion of the two case studies indicate that blockchain technology through the consortium formula is a collective answer to the complex and current challenges of the luxury industry, embracing the core principles of innovation, collaboration and shared engagement. In addition, it creates a space where brands can develop trust with their customers and engage them in new authentic and mindful experiences.