ConsenSys has collaborated with LVMH and Microsoft in order to develop a blockchain-powered platform which enables customers to verify the authenticity of luxury goods. ConsenSys declared about the development via a press release on May 16.
The Consortium ensures that the system which is named as Aura is developed to “serve the entire luxury industry with powerful product tracking and tracing services.”
LVMH consists of brands such as Louis Vuitton and Christian Diar which are already the part of this project, and are carrying out discussions about whether to extend Aura to other high-end names within the group. The news release stated:
“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 about the Aura were being initiated first in March, where they said that the technology will store full detail about each and every product on the ledger. Consumers are free to use any of the brand's official app in order to get a certificate providing details about its provenance.
As per the group, Aura is based on Ethereum Blockchain and it uses Microsoft Azure. The platform will also provide ethical and environmental information, instructions for product care and warranty services.
The team also stated that Aura wishes it will finally be used by the rival luxury brands too. This will allow them to avail a tailor-made service and improve customer loyalty. Ken Timsit who is the managing director of the ConsenSys Solutions said,
“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 are day-by-day accepting blockchain to confirm the provenance of their products. Recently, Alyx a popular luxury fashion brand will be utilizing IOTA's DLT for supply chain tracking. One of the latest reports says premium liquor brand Alisha Bay was planning to release a scotch whisky tracked using a blockchain-based system.