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For LVMH, a task to convince other luxury brands to join the blockchain movement has been a difficult one.
Luxury goods company LVMH has suggested that luxury brands are dependent on blockchain technology to improve the lifecycle of their products. According to Franck Le Moal, the Chief Information Officer (CIO) of luxury goods company LVMH, “when you talk about luxury, you are talking about long-term products, repair, and care”.
And to achieve this, Le Moal, who is also the vice-chairman of Aura Blockchain Consortium has hinted at the role of blockchain technology. Speaking at this year’s Paris Blockchain Week, he said:
“Digital passports backed by a blockchain are a way to provide better repair and care services to customers, and to develop a better one-to-one relationship with them.”
LVMH Keen on Encouraging Other Brands to Tap the Blockchain Technology
Recall, Coinspeaker reported that LVMH launched its Aura Blockchain Consortium in 2021. Since then, brands such as OTB Group, Cartier, and Prada Group have joined the consortium intending to promote common sustainable trends in the fashion world, and most importantly, to help members upgrade their products’ traceability using blockchain technology.
Like Le Moal, the CEO of OTB Group’s web3 arm BVX, Stefano Rosso also has high hopes for blockchain technology. He believes that, ultimately, the technology will impact the way we interact, socialize, communicate, and consume.
Rosso noted that joining others in the space was an easy decision to make. Especially after considering the endless possibilities that blockchain technology itself brings.
OTB Group, which holds famous brands like Diesel, Maison Margiela, Marni, Viktor&Rolf, and Jil Sander, was one of the first entities to join the Consortium.
Challenges Have Surfaced
For LVMH, the job of convincing other luxury brands to join the movement has been a difficult one. But that may be because the luxury industry is highly competitive or because of the personal interests of various brands. According to LVMH, the consortium already has 24 brands onboard, 21 of which uses non-fungible tokens (NFTs).
However, as part of its plans to reel in more brands, LVMH may have now developed a new concept. Other than being just a group of luxury brands, Aura is also a private blockchain that is built on ConsenSys’ Quorum. So, to entice more brands, LVMH has launched a new feature for its network, called the “Multi-Token minter” (MTM), this week.
With the MTM, consortium members may now build out smart contracts that can be deployed on Aura’s blockchain or any public blockchain, including popular ones like Ethereum, Solana, or Cosmos.