Louis Vuitton and Christian Dior Owner Unveils Blockchain Platform to Verify Luxury Goods
Thomas Simms's original article for cointelegraph.com reduced by 42%
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. "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." 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. "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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