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According to a recent report, the French multinational luxury goods conglomerate LVMH, owner of the famous luxury brand Louis Vuitton, has plans to utilize blockchain technology in order to track the authenticity of high-priced goods.
Titled AURA, the blockchain platform is reportedly planned to go live between May and June will track and verify the authenticity of the luxury goods offered by Louis Vuitton and Parfums Christian Dior – another LVMH brand. Later, the platform will be open to 60+ luxury brands of LVMH.
Blockchain technology has now become prevalent across several industries. This time, LVMH is exploring the blockchain to enhance their logistics and authenticity processes and for that, the company has put a full-time blockchain team on work. The team has been working secretly well-known tech companies regarding the development of the project for over a year now. Ethereum design studio, ConsenSys, and Microsoft Azure are the main partner with which the blockchain team is working, in order to develop the new blockchain platform, as the report indicates.
AURA is claimed to be private blockchain, an iteration of the Ethereum blockchain called Quorum which was developed by JPMorgan. With permissioned private blockchain, the company is aiming at improving data accessibility and privacy.
With this platform, the user will be able to identify whether the goods transacted are authentic or not and in addition to that, AURA would enable individuals to have information about the origins of the materials used. No key partners involved in the project that includes LVMH, Microsoft and ConsenSys have so far commented ahead of the launch of AURA network.
On the matter, a source involved in this project said:
“To begin with AURA will provide proof of the authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers, and events for each brands’ customers, as well as anti-ad fraud.”
Currently, LVMH controls over 60+ luxury brands around the world that include many well-known names like Dior, Dom Pérignon and Hublot. Moreover, the group has reported a net revenue of $53 billion last year. it is not the first time that blockchain has been proposed as a platform for tracking and validating the authenticity of such goods. Previously, quite a few similar platforms have been introduced that includes Arianee or Vechain.
It is also important to note that LVMH aims at offering service to other brands and instead of creating AURA-specific app, AURA will be running behind these brands. “So, if you are a customer of a luxury brand, you are not going to see AURA; you are going to see the Louis Vuitton app or the app of another luxury brand,” the source explained.