Provenance (blockchain platform)

2019: Announcement

At the beginning of August, 2019 Mastercard announced start of the Provenance blockchain platform which will strike at the market of counterfeits of fashionable clothes. One of the main problems of high quality fashionable designers is market saturation a cheap counterfeit which reduces the value of originals and reduces prestige of a brand. The Provenance platform will help fashion designers to protect the brand.

According to the Global report on counterfeiting of brands submitted last year, losses from counterfeiting made more than $323 billion in 2017, and designers of these brands suffered more than $30 billion losses. In reply to Mastercard created the Provenance platform which will help all people involved to trace and register all arriving products.

Mastercard provided a blockchain platform which will kill the market of counterfeits of fashionable clothes

The companies will be able to control a supply chain, and clients will be sure that the products purchased by them are original. Meanwhile it is about cooperation with some brands in the field of a fashion, including Fred Segal Sunset and MADE, however in general this technology is universal.

In the press release in Mastercard explained that they help "artists with similar vision" to integrate with creation of unique fashion lines. The first collection of partners represents at the same time Provenance blockchain platform release. The executive vice president for digital partnership of MasterCard Sherry Heymond (Sherri Haymond) explained that using the innovative technological solutions in the field of a fashion, the company helps all persons interested in it.

In Mastercard do not reveal names of other partners in the Provenance project yet, however representatives of the company noted that the blockchain platform will allow to keep track precisely of goods origin, so, will promote growth of consumer confidence to brands.^[1]

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