Louis Vuitton, Microsoft & ConsenSys To Power Luxury Industry With Blockchain Platform
ConsenSys partnered with LVMH and Microsoft to create a blockchain-powered platform that enables customers to check luxury products ‘ legitimacy. The company claims the model identified as Aura, seeks to provide effective item monitoring and tracking facilities to the whole of luxury sector using Ethereum blockchain technology and Microsoft Azure.
AURA enables customers to tap brand history and evidence of luxury products ‘ authenticity— from raw products to the final venue of sale, throughout its way to second-hand markets
Numerous LVMH Group brands, such as Louis Vuitton and Parfums Christian Dior, are presently engaged, and extensive debates are continuing for bringing other extra LVMH Group goods and other organizations manufacturing luxury goods worldwide.
For Louis Vuitton, AURA venture implementation is the pinnacle of the Track & Trace program initiated three years before.
The news release states
“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.”
Each item is registered on the shared ledger during manufacturing and irreproducible, containing distinctive data. Upon purchase, a customer may use the brand’s application to obtain the AURA certificate comprising all data pertaining to the goods.
Decentralized and immutable blockchain technology offers clarity and a credible piece of truth for consumers: guarantees brand authenticity, offers details on item origin and materials (as well as ethical and environmental data), product care guidelines, and after-sales and warranty facilities.
The system offers special data about every item saved on a shared ledger. Customers can also use the formal app of a brand to acquire a certificate offering information about its authenticity.
As per the consortium, Aura — based on the Ethereum blockchain that uses Microsoft Azure — will also give moral and environmental data, product care guidelines, and warranty facilities.
The consortium behind Aura hopes that competing luxury products will ultimately use the blockchain as well, allowing them to deliver tailor-made service or reinforce consumer allegiance.
Ken Timsit, managing director of ConsenSys Solutions, the enterprise blockchain subsidiary of ConsenSys said:
“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.”
Works related to AURA first appeared in March. High-end brands are progressively switching to blockchain to verify their goods. Recently, reports indicated that premium liquor brand Ailsa Bay is planning to release a blockchain-based scotch whiskey.