Blockchain Penetrates the Luxury Fashion Industry

May 19, 2019

ConsenSys entered into a partnership with LVMH and Microsoft to launch a new blockchain platform tailored for the luxury industry. The consortium, named AURA, will be based on Ethereum blockchain technology and utilize Microsoft’s Azure platform and enable customers to prove the authenticity of their goods.

 

Two of the biggest players in tech, one in blockchain, the other in software, have partnered with LVMH, the biggest luxury goods conglomerates in the world, to bring blockchain technology to the luxury industry. In a press release shared with CryptoSlate, ConsenSys and Microsoft announced AURA, a platform that aims to serve the entire luxury industry with powerful product tracking and tracing services. The platform will be based on the Ethereum blockchain and utilize Azure, Microsoft’s cloud computing platform.

Several brands of the LVMH Group, such as Louis Vuitton and Parfums Christian Dior, the perfumes and cosmetics subsidiary of LVMH, are currently involved, ConsenSys said in the press release. Advanced discussions to on-board additional brands from the LVMH group and other luxury groups are currently underway, the released added.

 

The AURA project is the culmination of Louis Vuitton’s Track&Trace program launched more than three years ago and will see its implementation in various other companies. LVMH prides itself on the production cycle of its goods, which can now be tracked start to finish with blockchain technology. During production, each product will be recorded on the ledger. The end consumer will be able to use the brand’s application to redeem the AURA certificate of bought goods and while verifying the authenticity of products.

 

Implementing a consortium model to AURA will enable any luxury brand to become a full member, which will ensure that the possibilities of the technology will be equally accessible and flexible to all, the company explained.

 

#blockchain #emergingtech #technology #luxuryindustry 

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