The blockchain technology is, without a doubt, here to stay. In addition to shipping companies, cryptocurrency projects, the food industry, the educational field, and numerous other ventures, now; some of the most influential luxury goods firms in the planet have identified the model as a way to improve efficiency and promote trustworthiness.
According to a news release that came to prominence this week, ConsenSys joined forces with Microsoft and LVMH to develop a platform based on the blockchain system, with the intention of letting consumers verify that items and luxury goods they acquire are truly authentic.
Aura Helps with Product Tracking and Tracing Services
The platform will be named Aura, and it will be extremely helpful for customers around the world and, most specifically, the fashion world. According to LVMH, the system will “serve the entire luxury industry with powerful product tracking and tracing services.”
Two of LVMH’s most widely known companies, namely Louis Vuitton and Christian Dior, are reportedly involved in the project. Additionally, there are talks to include other high profile brands in the Aura network as well.
According to the public release, “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,” providing a breakthrough development in an industry in need of one.
Storing the Data in a Shared Ledger
The technology works with unique data about any product that is handled by the involved brands, storing it on a shared ledger. Clients will be able to use the app of their favorite brand to acquire an official certificate, which will provide useful details about the origin of each item.
The Aura ecosystem implements Microsoft Azure and is based on the Ethereum blockchain network. The tool will also provide details about the ethical and environmental management of its production and distribution process, as well as warranty services and other instructions for product care.
The team of developers is hoping that the newly announced blockchain tool is implemented by other companies and rival brands in the luxury industry in the not so distant future. This is because it will boost customer loyalty and improve the field as a whole.
A “Ground-Breaking Innovation”
ConsenSys Solutions’ managing Director, Ken Timsit, explained that “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.”
Rumblings about the development of Aura have been knocking on the industry’s door since March, and now, several high profile companies can use it to ensure that customers can confirm the provenance of the goods that they will purchase.
Christian Dior and Louis Vuitton are two of the most widely recognized names in the fashion world. They sell luxury trunks and leather goods to ready-to-wear, shoes, watches, jewelry, accessories, sunglasses, and more. Both were founded several decades ago, with the latter having been around since the XIX century.
By Andres Chavez