Alexander McQueen launches first-ever blockchain-backed label. Alexander McQueen has launched a new technology-driven label called MCQ on September 3rd. First of its kind, the brand is backed by a blockchain-based platform enabling both designers and consumers to securely register and trade clothing.
In addition, a few designers don’t own the MCQ name, but rather each piece of clothing comes from a hand-picked collection of aspiring creatives, putting together a group of like-minded people.
“The label, the collaborators, the correspondents, the collectors, the engagers all meet on the MYMCQ platform. It even goes beyond the single use of blockchain. We have worked on the best way to design a streamlined customer experience and have built our stack of technology based on that.”
Although the MYMCQ platform primarily serves as a shared marketplace for up-and – coming designers, Everledger ‘s blockchain company has collaborated with MCQ to help ensure that each item of clothing listed for purchase is correctly reported on the platform.
A spokesperson for Everledger shared “MYMCQ runs on a customized version of Hyperledger that we’ve developed, based on its track record of provenance and traceability solutions for several industries. It’s a similar tech stack as the one used to track diamonds but with a custom implementation for MCQ.”
Everledger says every MCQ clothing item gets a unique identity that is registered on the blockchain. When a safe and permanent digital record of each item has been made, customers can see the lifecycle of the product, from when and where the piece was produced to which collection it falls within. Consumers can also see if the item had been previosuly purchased permitting to learn about its resale history.
Ultimately, blockchain enables consumers to understand where their clothing comes from and whether or not these items are authentic. This solves the issue of counterfeit designer goods, which is a trillion-dollar industry globally.
MCQ elaborated “Consumers can be confident they’re purchasing authentic items, regardless of whether they’re being sold directly from MCQ or second-hand via another consumer, helping to combat counterfeit luxury goods. By enabling the easy resale of items between consumers, MCQ hopes to encourage a more mindful consumerism.”