High street fashion designer and luxury brand Louis Vuitton (LV) has entered the blockchain race with plans to build its own private blockchain to help track authenticity in their high-end products. It has agreed to work with tech giant Microsoft on the project.
The largest French fashion house intends to begin tracking all its goods from the source of origin as raw materials to their sales shelves, including on secondary markets. Codenamed AURA, the blockchain will be developed using a version of the Quorum blockchain, first built by JP Morgan. LV will be using a more controlled and permissioned version of it, ensuring no data leaks between brands and customers to maintain data privacy.
Project collaborators include ConsenSys and Microsoft Azure, with the team members from all three firms already spending a year on AURA. The next stage of development will focus on intellectual property protection before the platform goes live by June at the main LV branches.
LV also plans to offer the service to other brands with whitelabelling and has promised to share AURA by donating the IP to an unrelated body that will be co-owned by brands backing the platform.
Blockchain is stamping its mark on the fashion industry, with the immutable aspects of blockchain proving to be very attractive in ensuring authenticity via supply chain tracking.
According to Wikipedia, LV has some 460 international stores in over 60 countries, and was the most powerful brand in the world for six years running from 2006 to 2012, with a total 2013 valuation of USD 28.4 billion.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: bitcoinnews.com
