Contents

Introduction of The Impact of Block chain Technology in Luxury Brands

While it has been limited towards the products that are growing rapidly and it has been confined largely for the agriculture. Now a day the technology of the block chain is consider as the one of the most important and major inroads for the luxury supply chain market and goods. Hence, it has been announced by the consensus recently, that the new platform along with French multinational luxury goods for the multinational LMVH as well as the technology of the block chain and the Microsoft in order to verify the validity and authenticity of the luxury goods (Linver, 2019).  This research study discusses about the impacts of the block chain and its relevant technology in the luxury brands. It will discuss that how the Luxury brands will be improved by using the technology of the block chain and it has become the latest concept in the economy of this era. The researches will completed by highlighting the major achievements and objective that will be attained in the various parts of the research study.

Background of The Impact of Block chain Technology in Luxury Brands

The globalized trades and its nature can be referred as the raw materials that can be easily sourced in particular continent. This raw material than assembled and collected in various other continents. After assembling this it can be shipped towards the various regions for selling and in any major’s city of the world. An ample opportunity for profit and business are presented by the rapidly innovative technology as well as for the networks of the global shipping. Therefore, by the nature of the globalized trade it can be often resulted in dubious ethical practice as well as in the creaking supply chain. It becomes more important when it comes towards the producing and sourcing the materials that is required for the luxury goods. Such as, the customers are going to become more concerned with the origins of the ethical for their products as well as companies that’s are seek for creating the profitable and sustainable models of the business. The technology of the block chain is being seen in the forms of the solution that is suits all parties that are involved in this particular term (Mcodowell, 2019).

Regardless of whether block chain can end the fake business for good is not yet clear, however the choice is a huge positive development. Truth be told, the use of this information framework likewise introduces enormous open doors for expanding manageability inside the business, beginning with verification. The capacity to confirm the most important and well known suppliers and providers of the high end goods and consumers along with brands transparency, and it also includes the ability to settle on better decisions. In May, one of the first of these frameworks was declared including LVMH as a team with Microsoft and Consensus, who discharged their recently made blockchain stage, entitled AURA. The stage is fundamentally intended to validate extravagance products, and will be open to brands past the parent organization (Crosby, 2016). 

Indeed, even in the present market, this merchandise need a trusted, evident framework that works to all the more likely track a specific thing or brand's life cycle, focusing on potential duplicating issues. Moreover, this accommodates increasingly straightforward exchanges and connections as among purchasers and merchants. Despite the two issues that have been recognized previously; it is important to focus on these kinds of the most important issues. Applying blockchain innovation to assess luxury brands. New or old, luxury brands need to perceive the significance of embracing new developments to help guarantee feasible strategic approaches. Blockchain innovation can fill in as a key part in guaranteeing maintainability as a result of purchaser request. The development and use of confirmation frameworks, similar to the Blockchain guarantees clear provenance and valuation, while limiting the hazard for misrepresentation and fixing (Rossow, 2019).

It is particularly essentials for the luxury market that is considered as important for the major things. It is important for the things that are historically placed in the various areas and region of the country. It also includes the genuine and reliable information that is required for the particular things that are selling in the market.  It has been observed that the block chain have positive impacts on the luxury brands and markets (Hoang, 2019).

Research aim and objectives of The Impact of Block chain Technology in Luxury Brands

There are numerous objectives that will be attaining in the various parts of the research studies. These objectives will highlight the most important facts and figures of the research study that will be focused by using the various proves. The major aim of this study is to investigate the implications of the block chain technology that is adopted for the various consumers and luxury brands. This research study has been design and draw by considering the literature of the existing brands as well as applications of the real life related to the block chain.  

The research study is also focus on the opportunities, challenges and risks that will be overcome in the various parts of the research studies. The adoption of the block chain technology will be discusses for the most important four areas these are related to the consumers trust, online brand communication, relationship of the consumer brands and image of the corporate brand. There are several other objectives that will be attain in the various part of the research study.

·         To examine the impacts of the Block chain Technology in Luxury Brands

·         To measure relationships among the Block chain Technology in Luxury Brands by considering the consumers trust, online brand communication.

·         To measure relationships among the Block chain Technology in Luxury Brands by considering the consumer brands and image of the corporate brand.  

Conceptual frame work of The Impact of Block chain Technology in Luxury Brands

Research methodology of The Impact of Block chain Technology in Luxury Brands

Introduction of The Impact of Block chain Technology in Luxury Brands

The research methodology section is among the most significant part of any research because in the research methodology phase, the data is collected which is used for answering the research questions. The positivism paradigm has been implemented for gathering the data from the individuals. In this study, both types of data will be gathered which include secondary data & primary data. The secondary data will be gathered by conducting the Literature review and by collecting data from books & credible internet sources. The primary data will be gathered using the survey & interview approach.

Research Philosophy of The Impact of Block chain Technology in Luxury Brands

The positivism paradigm has been utilized in order to conduct this research study. Because it is good approach for conducting research that quantitative and descriptive in nature.

Research approach of The Impact of Block chain Technology in Luxury Brands

The descriptive research design is chosen for the study. Deductive research is the most commonly known research approach. Many researchers prefer Deductive research design for providing information and influencing the individuals. In the Deductive research design, the data is gathered using the questionnaire & by conducting interviews. The purpose of Deductive research is to define why things are the way they are. The Deductive research design is appropriate for evaluating a variety of issues. This design of research can be used for influencing the opinion of the individuals.

Research strategy of The Impact of Block chain Technology in Luxury Brands

Both kinds of the research strategy will be employed in this study and these are the qualitative and quantitative research study.

Population and Sample of The Impact of Block chain Technology in Luxury Brands

The sample size would be 250 individuals. The selected sample size is appropriate for the study because a sufficient amount of data can be gathered with 250 participants. The sample will be taken from the population of the various countries of the specific region. The study will be solely based on the region of Ilford. It means that the study will be limited to Ilford. This limitation of the study won’t affect the credibility and reliability of the study. The data will be gathered from both males & females participants. The participants will be the employees of the organization. Through this, it can be known how business incubators affect entrepreneurship. There are different sample techniques which are used by the researchers for collecting the data. It is evident that the researchers cannot collect data from the entire population. Therefore the researchers take the sample from the population which is a representative of the whole population. In this study, the simple random sampling technique has been utilized. The simple random sampling is the most common sampling technique. The key advantage of this sampling technique is that it is less costly and takes less time. The simple random sampling technique is also less complex than other sampling techniques.

Instrumentation of The Impact of Block chain Technology in Luxury Brands

As discussed earlier, the data will be gathered by using the survey approach. In a survey, the questionnaire will be used for data collection. In the questionnaire, those questions will be asked from the participants from whom the relationship among business incubators and the strengthening of the entrepreneurship can be understood. The questionnaire will be filled by 250 participants. The participants have the option to skip any of the questions which they think is not important or not appropriate for them to answer. The semi-structure interview will also be conducted for gathering the data. The questionnaire was sent out to the professionals of the top five companies of Ilford electronically. By using any email source or other social media communication channels such as; Facebook and what’s app.

Statistical Software of The Impact of Block chain Technology in Luxury Brands

The data will be analyzed by using the SPSS because it is one of the most important and best tools that can be utilized for conducting the analysis and measuring the relationships of the various variables. This software can easily generate the tables, charts and graphs. This is the best tool in this study because it can reduce the chances of data manipulation.

References of The Impact of Block chain Technology in Luxury Brands

Crosby, M. P. (2016). . Blockchain technology: Beyond bitcoin. . Applied Innovation, ., 2(6-10), 71.

Hoang, L. (2019). Can Blockchain Transform the Luxury Industry? luxurysociety.

Linver, H. (2019). Life of Luxury: Fashion Turns to Blockchain. cointelegraph.

Mcodowell, M. (2019). 6 ways blockchain is changing luxury. voguebusiness.

Rossow, A. (2019). Appraising The Luxury Goods Market With Blockchain Technology. Forbes.

Gantt chart