French multinational luxury goods conglomerate LVMH is teaming up with ConsenSys and Microsoft to develop a blockchain platform that will help consumers verify the authenticity of luxury goods.
Called AURA, the platform provides powerful product tracking and tracing services. Product information is loaded onto a shared ledger. Using a brand’s official app, users can then obtain a certificate with information regarding the product’s provenance.
AURA will basically give users access to a product’s entire history—from raw materials and points of sale, all the way down to second-hand markets.
The team behind the platform claims it will also provide ethical and environmental information, product care instructions, and information on warranty services.
AURA to include more luxury goods
The AURA platform is being built based on Ethereum blockchain technology and will utilize Microsoft Azure.
LVMH brands like Louis Vuitton and Christian Dior have already signed on with AURA, and the consortium plans to expand support to include other high-end goods in the future.
“AURA is a groundbreaking 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, leveraging Ethereum blockchain technology in a truly decentralized way,” says Ken Timsit, the managing director of ConsenSys’ enterprise blockchain arm, ConsenSys Solutions.
Blockchain product tracking gaining traction
Using blockchain technology to store, track, and verify product provenance seems to be gaining more traction recently.
AURA’s official announcement comes in the wake of reports regarding a scotch whisky by premium liquor brand Ailsa Bay that will be trackable using a blockchain-based system.
Last month, startup DUST Identity also announced the availability of their blockchain- and nanodiamond-powered object coating and tracking system, DUST.