The company that manufactures luxury products assured that this initiative would fight piracy and counterfeiting.
A recent publication of the Revista da Propriedade Industrial (RPI) informed that the company Louis Vuitton has conducted the corresponding procedures to request the Brazilian authorities the use of its blockchain platform. The request seeks to register the famous French company in a list of companies that make use of crypto technology, financial services with blockchain, and related actions.
In March 2019, Louis Vuitton had already announced the creation of a blockchain system that would help certify the authenticity of its products. The network would help the company avoid counterfeiting and combat misuse of its brand.
Christèle Perrot, who is the representative of the conglomerate of companies in which Louis Vuitton is part, commented that the company applied for such registration. She hopes that, very soon, Louis Vuitton will be able to use the blockchain platform to prevent piracy, as well as to open up the possibility of new payment methods, among other things.
A New Market with The Use of Cryptocurrencies
The project that the LVMH conglomerate has developed to which Louis Vuitton is part of seeks not only to avoid piracy through blockchain-based certifications but also to create a cryptocurrency of their issuance. The idea is to offer more options for its users and, probably, a new service.
Perrot details some aspects of this initiative in the description that the developers made for the National Institute of Industrial Property (INPI). “Monetary and financial services in the area of cryptocurrencies, processing of payments with credit cards or other processes, cryptocurrency exchange services developed for global businesses, services for payments with cryptocurrencies; cryptocurrency creation; services offered by associations or foundations, namely collecting monetary donations for third parties, financial assistance, and sponsorship”.
According to other data, this would be the second time that the conglomerate requests a record like this. LVMH has already submitted a similar request to the authorities in France. In this case, the prosecutor in charge of the request mentioned that “the data related to the deposit in the country of origin were omitted, at the time of collection of union property”.
Regarding this stance of the LVMH conglomerate, in August 2019, a press report emerged. This report assured that the CEO of that group, Bernard Arnault, would be considering founding a cryptocurrency and related services company in Belgium. However, the executive denied this information and took the opportunity to show his favorable position regarding cryptocurrencies and blockchain technology.
Some experts consider that the registration of these projects in France shows the intention to create a new cryptocurrency, rather than a service that facilitates the use of these assets.
On the other hand, Louis Vuitton does not seem to be the only brand seeking to develop more options related to crypto-assets. In middle April 2019, the company Nike registered “Cryptokicks”, in the United States of America. Representatives of the company mentioned on that occasion that they plan to create a blockchain network that allows the use of tokens.
In this way, more and more companies from different fields are interested in blockchain technology and the development of their cryptocurrencies.
By María Rodríguez