By Ibukun Ogundare
Updated
3 min read
Aura Blockchain Consortium is secured by Microsoft Corp and ConsenSys technology.
Luxurious brands Louis Vuitton, Cartier, Prada, have come together to fight counterfeit goods, using the first global luxury blockchain Aura. The companies have been facing challenges with traceability, authenticity, and sustainability. The companies are coming together to tackle forged goods with a blockchain-based seal of authenticity.
Louis Vuitton’s parent company LVMH announced the partnership with the two other luxurious companies on the 20th of April. In the announcement, the company unveiled the Aura Blockchain Consortium. The Aura Blockchain Consortium helps customers to access proof of authenticity of luxury goods like Louis Vuitton products.
Collectively, the luxury brands aim to help customers affirm that the expensive products they are purchasing are authentic. As stated in the announcement, LVMH said that the objective is “to provide consumers with a high level of transparency and traceability throughout the lifecycle of a product.”
Furthermore, the announcement revealed how the technology of Aura Blockchain would help with verifying the authenticity of products. LVMH noted that Aura Blockchain would match a product ID to a client ID to give the customer access to the history and the authenticity of a product. With this, customers will be able to follow the entire lifecycle of purchased goods with trusted data. Also, customers will not need a third party to monitor the whole lifecycle of products.
Aura Blockchain Consortium is secured by Microsoft Corp (NASDAQ: MSFT) and ConsenSys technology. Other brands that are already using the Aura infrastructure include Hublot and Bvlgari. Brands decide their Aura experience based on their choice and customers’ expectations.
Speaking on Aura, LVMH said:
“Aura represents a new way for luxury brands to communicate directly to consumers, telling a unique story around the quality of their materials, craftsmanship and creativity, and strengthening the relationship between client and brand.”
For instance, Hublot has a digital e-warranty stored on Aura Blockchain. The e-warranty helps Hublot customers verify the authenticity of their watches by taking a picture with a mobile phone. Breitling watches and Scottish whisky have also been logged into a digital ledger.
“The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better. By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance,” said the managing director at LVMH Toni Belloni.
Despite the global economic meltdown that affected many businesses, the luxury markets have been seeing significant gains. The latest report by consulting firm, Bain & Company showed that online sales of the luxury market grew from $39.7 billion in 2019 to $58.9 billion in 2020.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
