ConsenSys recently announced their partnership with Moët Hennessy – Louis Vuitton (LVMH) and Microsoft on a project to design a blockchain-powered platform and help the customers verify the authenticity of their luxury goods.
The group revealed that the system, known as Aura, is conceived to “serve the entire luxury industry with powerful product tracking and tracing services”. First reports of AURA’s initiation emerged in March. LVMH brands such as Christian Dior and Louis Vuitton are already onboard, and now the company is trying to also include other high-end names within the group. The news release added:
“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 can gather and store unique information about every product on a shared ledger, and the customers can then use the brand’s official app to certify the product’s legitimacy.
Aura is based on the Ethereum blockchain and uses Microsoft Azure, and according to the group, it will also offer other information to the customer such as ethical and environmental considerations, instructions for product care, and warranty services.
The team behind Aura hopes that the platform will be eventually taken up by rival luxury brands as well, as it allows them to leverage a tailor-made service and strengthen customer loyalty while reducing piracy. Managing director of ConsenSys Solutions, Ken Timsit, added:
“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.”
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