- The world famous fashion brand Sarah Regensburger has announced on Twitter that it will verify the authenticity of its products through VeChain Thor blockchain.
- As a result, it will be possible to trace all products along the value-added chain and to trace back exactly whether the respective product was originally manufactured.
Counterfeiting is a major problem in many industries around the world, with companies worldwide suffering losses of more than $323 billion, according to Statista.com. However, it is not only the companies themselves that are affected, but also the consumers, as it is they who ultimately receive and use the products.
The world-renowned fashion brand Sarah Regensburger will now declare war on counterfeiting and have all its products traced by VeChain Thor blockchain. In the first step, the technology provided by VeChain was thoroughly examined and evaluated. Regensburger is convinced of the company’s vision that she has decided to implement it in her own company.
Sarah Regensburger has started to connect the VeChain Thor blockchain to her products so that each stage of a product can be traced along the value chain, from production to delivery. As a result, it is no longer possible to deliver counterfeit products to the end customer, as the authenticity of the products sold must be proven at an earlier stage by multiple checks.
According to a viral tweet from Mike, the partnership will be made official at the Paris Fashion Week:
She was absolutely amazed about the vision of VeChain and the possibities they offer.
She teamed up with @_DiNeocleous and together they created something special…https://t.co/4XHpGm8cCX $VET #VeChain @vechainofficial #SarahRegensburger #ParisFashionWeek #Sustainability pic.twitter.com/Gw8JmF6CS0
— Mike Ⓥ 🖖🏻 (@mikefrancesc0) February 28, 2020
VeChain is recognized by more and more companies
Counterfeiting is not only a major problem in the multi-billion dollar clothing market. Counterfeit products also cause great losses in the pharmaceutical, food, logistics and automotive industries. Recently, Real Items launched a marketplace based on the VeChain Thor blockchain, which validates the authenticity of products along the value chain.
The price of VET follows the current market trend, falling by 1.74% within the last 24 hours to a price of USD 0.005. With a market capitalization of 351 million USD, VeChain ranks 30th among the largest cryptocurrencies worldwide.