Christian Dior and Louis Vuitton to Verify Luxury Goods Using Blockchain-Powered Platform
It wasn’t so long ago that the blockchain technology got invented, and it is already disrupting several industries across the globe. Some of the sectors that have already implemented blockchain technology include the automotive industry, banking industry, music streaming services, healthcare industries, NGOs, Crowd-funding, government agencies, insurance industry, and the cloud storage industry.
Luxury fashion icons Louis Vuitton and Christian Dior are the latest to embrace this technology. They are planning to leverage the blockchain to verify the authenticity of their luxury products. The LVMH-owned brands recently announced AURA, a platform set to “serve the entire luxury industry with powerful product tracking and tracing services” according to the announcement.
AURA is based on Ethereum and utilizes Microsoft’s Azure. It will allow users 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 marketplaces. The brand has an official app which customers can use to obtain a certificate offering details about the authenticity of the product.
Consensys, one of AURA’s leading technology partners, has contributed to the design and development of Traceability Smart Contracts (TSC), AURA’s blockchain infrastructure, and the brand API that will allow luxury brands to interface with the AURA platform on a white label basis.
According to Ken Timsit, managing director of ConsenSys Solutions:
“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.”
Blockchain to Dominate Luxury Brands
AURA will not only offer ethical and environmental information, instructions for product care and warranty services but also, the team behind the platform hopes it will eventually be used by other rival luxury brands such as Gucci, Tapestry, Burberry, Yves Saint Laurent, Prada, Rolex, etc. The team believes that AURA will offer these luxury brands a tailor-made service and strengthen customer loyalty.