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The fashion industry suffers significant financial losses due to counterfeiting (estimated at $600 billion annually). Consumers are increasingly demanding digital experiences, including owning virtual replicas of designer products and virtual try-on capabilities. The company lacks the in-house resources to rapidly develop and deploy mobile applications leveraging blockchain and augmented reality to address these market demands and combat counterfeiting effectively.
A German company developing a blockchain network to enhance security and provenance within the retail sector, particularly focused on combating counterfeiting and enabling digital experiences for consumers.
This project is expected to significantly reduce financial losses due to counterfeiting, enhance customer engagement through innovative digital experiences, and establish the company as a leader in blockchain-based solutions for the fashion industry. The cross-platform approach aims to reduce long-term maintenance costs and accelerate product development cycles.