In its bid to allows consumers to verify the authenticity of luxury goods, LVMH has partnered with ConsenSys and Microsoft to develop a DLT platform— AURA.
Using AURA to Track Luxury Goods
The system which was recently unveiled is known as AURA, and it is designed to “serve the entire luxury industry with powerful product tracking and tracing services.”
Goods from the two main branches of the LVMH brand— Louis Vuitton and Christian Dior are already included in the project. More high-end names within the group are expected to get added soon enough.
In the press release made by ConsenSys, it was stated that:
“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.”
It was further explained that Aura will provide users with unique information about every product stored on its network. Using the brand’s official app, customers will be able to request a certificate offering details about its provenance.
Apart from offering information on products, Aura — which is based on the Ethereum blockchain in addition to Microsoft Azure, will also offer ethical and environmental information, instructions for product care and warranty services.
The team behind Aura is quite hopeful that the technology will be integrated by rival luxury brands also. If so, this will enable “them to offer a tailor-made service or strengthen customer loyalty.”
“AURA is a ground-breaking 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.”
Ken Timsit, managing director of ConsenSys Solutions, explained.
Several reports have it that many high-end brands now adopting blockchain technology to help with the authentication of their good.
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source: https://coindoo.com/lvmh-partners-with-consensys-and-microsoft-to-launch-dlt-powered-luxury-goods-authenticator/
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