Luxury Industry Blockchain Platform Unveiled By ConsenSys, LVMH And Microsoftbr>
Ethereum developer studio ConsenSys, in partnership with Microsoft and French luxury goods conglomerate LVMH, has developed a blockchain track & trace platform that aims to serve the entire luxury industry.
Called AURA, the platform, based on the ethereum blockchain and utilizes Microsoft Azure, is designed to make 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.
“During production, each product is recorded on the shared ledger, irreproducible and containing unique information,” ConsenSys said. “At the time of purchase, a consumer can use the brand’s application to receive the AURA certificate containing all product information. Decentralized and immutable, blockchain technology… ensures the authenticity of the product, provides details on product origin and components (including ethical and environmental information), instructions for product care, and the after-sales and warranty services available.”
LVMH brands, including Louis Vuitton and Christian Dior, are already involved in the AURA project, and advanced discussions are reportedly underway to onboard additional brands from the LVMH Group as well as other luxury groups globally.
“For this particular alliance of brands and technology partners, the AURA team chose to implement a consortium model, where any luxury brand can become a full member,” ConsenSys said. “This model ensures that the possibilities of the technology can be made accessible to all, while maintaining the flexibility to address the specific needs of each luxury brand.”
Ken Timsit, Managing Director of ConsenSys Solutions, the enterprise blockchain arm of ConsenSys, said that AURA is a groundbreaking 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, leveraging Ethereum blockchain technology in a truly decentralized way,” Timsit said.