Louis Vuitton and Christian Dior Owner Unveils Blockchain Platform to Verify Luxury Goods
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The owner of the emblematic brands, Louis Vuitton and Christian Dior plans to launch a blockchain system in its bid to allow consumers to track luxury products in order to verify their authenticity.
LVMH has partnered with ConsenSys and Microsoft to build a blockchain-powered platform that allows consumers to verify the authenticity of luxury goods, called AURA. In a press release it was stated that it is designed to “serve the entire luxury industry with powerful product tracking and tracing services.”
‘’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” Ken Timsit, managing director of ConsenSys Solutions, explained
Timsit continued, ‘’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.”
The DLT platform is set to be initially implemented by Louis Vuitton and Parfums Christian Dior in May or June. However, more high-end names within the group are expected to get added soon. Its use is expected to be extended to the 60 luxury brands that are part of the consortium.
Apart from offering verification on luxury goods, Aura — which is based on the Ethereum blockchain will also offer ethical and environmental information, instructions for product care, warranty services and allows the users to easily obtain a certificate that includes all the information about its origin.