How Blockchain Technology Helps Appraise Luxury Goods

April 15th, 2019

How Blockchain Technology Helps Appraise Luxury Goods

Blockchain technology is a concept which is expected to change many sectors. The new feature of Blockchain technology is its use in checking the quality of luxury goods, a feature which will help many customers around the world. Do you have many luxurious items forgotten on your closet or basement? Do you doubt if these luxurious items retained the value? How will you know that the items you’re holding are worth the amount you believe?

Seeking the help of an authentication system of some sort or paying a visit to appraiser can help you but its tough to find complete satisfaction with the valuation. There is where Blockchain technology is coming up as a revolution helping you get valuations accordingly. It’s too early to comment about Blockchain technology but it’s sure to make a huge dent in the industry. Blockchain technology that backed Bitcoin is already popular, several online exchanges are available to check live Bitcoin price and trade from the comfort of home. To learn more about the basic concepts of Blockchain, check out this guide, Blockchain for Dummies

Traveling Through Time

Many expensive brands of bags are sold in popular shopping malls or stores; there are growing numbers of counterfeit bags using luxury brands names sold in popular places. In the last few years the luxury goods market has grown immensely and its available in different forms across the globe. Imagine the types of jewelry, artwork, clothing apparels, age-old electronic items, alcohol and many more which dates back to years or even centuries. In today’s time, it’s important to verify these goods which can track any particular items or brand’s lifespan, it will help to reduce all counterfeiting cases. What’s more, this will also ensure more transparency in transactions and relationships between sellers and buyers.

Bitcoin is a revolution and it has taken the world by surprise. Blockchain technology is behind Bitcoin and now its finding use in various other fields. Exchanges and BTM kiosks are getting a huge response all over, digital currency enthusiasts are trading, checking live Bitcoin priceand finding the latest news from the world of cryptocurrency through these portals. Now it’s time that Blockchain technology is used for other diverse areas, seeing its wide range of benefits. 

In today’s time Blockchain technology is the most appropriate mechanism which can be applied in this market, because it comes with tremendous ability to address all major drawbacks luxury goods market presently faces. Technology and luxury goods industries varied from country to country, now you can easily check these differences using Blockchain technology. Many experts too have agreed that Blockchain technology can be applied to the luxury goods market which will ensure fair pricing system based on the quality of the goods.

Fair Pricing system

Every individual’s trash is someone else’s treasure. Though this market is flourishing it faces problems like transparency and standardized pricing index. Its high time some innovative ideas are applied to overcome these basic flaws or drawbacks. Presently there are two different valuation systems applied simultaneously, the value a consumer assigns to a piece of item and the value merchants assign to the same piece. But the sad part is that this system fails to confirm the price. There is no assurance that the price you are paying is worth the product, hence it creates a sense of doubt among many consumers. 

Many consumers strongly believe that there is every possible chance of getting cheated or fooled even though there are potentially valuable and quality goods available. Without the expertise and knowledge of an appraiser, there is no way of being sure. Consumer valuation is done typically based on the measure of what the item looks or they believe worth. But the question is what factors or index helps them decide this rate? In some places, it took hours or even days to meet an agreement with the vendor of an item. The reason is the valuation problem. Blockchain technology is assumed to make the task easier and suitable for both parties.

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