French owner of various luxury fashion brands Moët Hennessy Louis Vuitton (LVMH) has announced their partnership with Microsoft and US-based crypto firm ConsenSys to establish a blockchain-based system for tracking luxury goods.
According to the press release by LVMH, the new blockchain-powered platform dubbed AURA is designed to provide customers with the ability to tracking and tracing the authenticity of their high-end goods. The platform is built on the Ethereum blockchain and utilizes Microsoft Azure.
Some high-end fashion brands in the LVMH conglomerate such as Louis Vuitton and Christian Dior have participated in this collaboration. LVMH is planning for the expansion of Aura to its other brands. The French conglomerate noted: “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.”
As announced, each item will be marked with unique information on the shared ledger. When purchasing a product, customers will receive the “AURA certificate” including all information about the product. By checking the information on a provided app, customers can know the product origin, its components, care instructions and the after-sales and warranty policy available.
Aura developers hope that this system is able to help other brands including LMVH’s rival and increase the trust between customers and sellers. Ken Timsit, managing director of ConsenSys Solutions, has commented about the partnership with LMVH and the Aura platform: “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.”
The team has developed this project since March 2019 and has finalized its ever since.
As The Crypto Sight reported recently, luxury fashion brand Alyx also announced that it will develop an Iota Foundation’s blockchain distributed ledger technology (DLT) system for tracking supply chain.