As per a news release dated May 16, ConsenSys has purportedly joined hands with LVMH and Microsoft intending to build a platform enabling consumers to verify the authenticity of luxury goods, based on the principles of blockchain technology.
As per the consortium, the system – also known as Aura is specifically designed to “serve the entire luxury industry with powerful product tracking and tracing services.” Most LVHM brands, inclusive of Louis Vuitton and Christian Dior, are actively a part of the project. Moreover, discussions are being held regarding extending Aura to different high-end brands within the group.
The release further went on to add that “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.
Reports suggest that the technology witnesses all exclusive information about every product kept on a shared ledger. Following this, consumers are enabled to use the official app of a brand in order to get a certificate essentially providing details about its origin.
As per the group, Aura is based in the Ethereum blockchain, and it uses Microsoft Azure. Aura is responsible for providing ethical and environmental information, instructions for warranty and instructions for product care.
The entire team of Aura anticipates to gradually be used by competitive luxury brands as well, allowing them to provide custom made service along with bolstering customer loyalty.
The managing director of ConsenSys Solutions, Kem Timsit added by saying that “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.”
High-end brands in this era are consistently moving towards blockchain in order to confirm the origin of their products. Recent reports suggest that Ailsa Bay (premium liqueur brand) had intentions of releasing a scotch whiskey tracked with a system based on blockchain technology.