Luxury brands launch blockchain-powered platform for transparency

LMVH, Prada, and Cartier have launched the Aura Blockchain Consortium to address common issues across the luxury goods industry like proving authenticity, responsible sourcing, and sustainability.

The consortium has launched a blockchain-powered platform that matches a product ID to a client ID, which will provide the infrastructure to enable consumers to access the history of a product and proof of its authenticity at every part of the value chain, from raw material to point of sale, and in second-hand markets.

The multi-nodal, private blockchain is supplied by ConsenSys and Microsoft.
LVMH Maisons, Hublot, Bvlgari and Louis Vuitton are already active on the platform.

LVMH said that brands will use Aura to develop their own methods according to their specificities and customer expectations. Companies will also maintain their own data in the blockchain.

Hublot has launched a digital e-warranty, which is stored in the Aura infrastructure and allows customers to verify the authenticity of their watch via a simple photo taken with a mobile phone.

“The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better,” said Toni Belloni, managing director, LVMH. “By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance.”

The group said that the blockchain technology will be accessible to all partners in the supply chain, regardless of size.

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