Blockchain implementation in the Luxury industry
Louis Vuitton has been one of the great companies at this years ConsenSys 2019 event as Microsoft studios along with Ethereum developers have teamed up with Louis Vuitton SE in order to bring some amazing projects to the market.
The partnership will see the development of a blockchain platform that goes by the name AURA. This platform will allow for customers to check and trace all productions coming from the luxury company. More specifically, luxury goods and raw materials straight to point of sale all the way to second-hand markets.
According to reports coming from the partnership that was made, the AURA project will be able to give customers the opportunity to learn about production history. This will also include a wide verity of authentic brands under the Louis Vuitton SE brand.
The company is also known as LVMH and is a French multinational luxury good conglomerate headquarters in Paris.
The company mentioned at the ConsenSys event that:
“During production, each product is recorded on the shared ledger, irreproducible and containing unique information. At the time of purchase, a consumer can use the brand’s application to receive the AURA certificate containing all production information.”
The industry plans on powering this platform with Ethereum, and has stated that:
“For this particular alliance of brands and technology partners, the AURA team chose to implement a consortium model, where any luxury brand can become a full member. This model ensures that the possibilities of the technology can be made accessible to all, while maintaining the flexibility to address the specific needs of each luxury brand.”
This partnership will also be integrating the Ethereum enterprise blockchain solution, called Quorum, which will be using the Microsoft Azure cloud application.
There have been a lot of discussions about the expansion to more luxury brands that will be joining the consortium to use the platform.
According to the company:
“Several brands of the LVMH Group, such as Louis Vuitton and Parfums Christian Dior, are currently involved, and advanced discussions are underway to onboard additional brands from the LVMH Group. And other luxury groups globally. For Louis Vuitton, the development of the AURA project is the culmination of the traceability program, track and trace launched more than three years ago.”
The LVMH group has subsidiaries like Marc Jacobs, Hublot, TAG Heuer, Bulgari, Givenchy, Parfums, Sephora, Dom Pérignon and Hennessy.
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