LVMH and Microsoft teamed up with ConsenSys to build a blockchain-powered platform which will verify the authenticity of luxury goods, according to a May 16 news release. The system, Aura, is designed to “serve the entire luxury industry with powerful product tracking and tracing services,” the consortium says.
“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,” the news release added.
LVMH brands Louis Vuitton and Christian Dior are already involved in the project, while conversations to extend Aura to other high-end names within the group are already being brought up.
The technology views unique information about every product stored on a shared ledger, which allows customers to obtain a certificate offering details about its provenance by using a brand’s official app. Aura will also offer ethical and environmental information, instructions for product care and warranty services.
“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.”