LMVH is a French multinational conglomerate that owns Louis Vuitton and Christian Dior. The group has introduced a blockchain-powered verification platform. LMVH teamed up with Consensys and Microsoft in the building of the system. Dubbed “AURA,” the platform would allow LMVH’s customers to prove the authenticity of luxury goods that they seek to buy.
Consensys made this announcement through a news release yesterday. According to the partners, AURA is designed to serve the entire luxury industry with powerful product-tracking and tracing services. Per LMVH Aura is already integrated into Louis Vuitton and Christian Dior. The conglomerate noted that it would introduce the platform to other high-end brands with time.
According to a report,
AURA makes it possible for consumers to access the product history and proof of authenticity of luxury goods — from raw materials to the point of sale, all the way to second-hand markets.
The technology has access to unique data about each product. The data is stored on a shared ledger. Customers can determine whether their goods are authentic or not by using the brand’s official app. For genuine products, the app would generate a certificate that gives details about its origin.
AURA Cuts Across the Luxury Goods Industry
AURA is based on JPMorgan’s Quorum blockchain platform, which runs on the Ethereum blockchain. It also uses Microsoft Azure, a cloud computing service created for building, testing, and launching apps. Apart from verifying goods, AURA would also offer ethical and environmental data. On top of this, it would provide directions for product care and warranty services.
The team behind the platform hopes rival luxury brands will see its importance and use it. In so doing, they would also in a position to offer tailor-made services. Using AURA would also help them increase customer loyalty.
Ken Timsit, the managing director of Consensys solutions said,
AURA is a groundbreaking innovation for the luxury industry. ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand.
He added that the platform uses the Ethereum blockchain technology in a “truly decentralized way”.
News about AURA first surfaced in March this year.
High-end brands have been making headlines after integrating the blockchain in their operations. Reportedly, Ailsa Bay sought to release the first blockchain-tracked scotch whiskey in the world. This move aimed to address the production of fake liquor in the UK. It also sought to help William Grant & Sons, the owner of Ailsa Bay, get data from its customers.
This news came after another publication unveiled the UK loses more than $288 million to counterfeit wines and spirits each year.
Do you think AURA will help tackle the production of fake high-end goods? Let us know in the comments below.
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