LVMH brands including Louis Vuitton and Christian Dior are already involved in the platform.
ConsenSys has teamed up with LVMH and Microsoft to build a blockchain-powered platform that allows consumers to verify the authenticity of luxury goods, according to a news release on May 16.
The consortium says the system, known as Aura, is designed to “serve the entire luxury industry with powerful product tracking and tracing services.”
LVMH brands including Louis Vuitton and Christian Dior are already involved in the project — and discussions are underway to extend Aura to 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 sees unique information about every product stored on a shared ledger. Customers are then able to use a brand’s official app to obtain a certificate offering details about its provenance.
According to the group, Aura — which is based on the Ethereum blockchain and utilizes Microsoft Azure — will also offer ethical and environmental information, instructions for product care and warranty services.
The team behind Aura hope it will eventually be used by rival luxury brands too, enabling them to offer a tailor-made service or strengthen customer loyalty. Ken Timsit, managing director of ConsenSys Solutions, 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.”
Reports that AURA was in the works first emerged in March.
High-end brands are increasingly turning to blockchain to confirm the provenance of their products. Recently, reports suggested that premium liquor brand Ailsa Bay was planning to release a scotch whisky tracked with a blockchain-based system.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.