ConsenSys, LVMH, and Microsoft are collaborating to develop a blockchain-backed platform that allows customers to authenticate luxury goods.
New Platform “Aura”
The powerhouse consortium reveals in a news release that their platform, dubbed Aura, was created to provide the luxury niche with dynamic product tracing and tracking services. It’s based on the Ethereum blockchain and uses Microsoft’s Azure system.
The press release also detailed how Aura would make it possible for clients to access a luxury good’s product history, from the raw materials used up to the point of sale. It also allows for the verification of the product’s authenticity and could even provide information on second-hand markets.
The platform’s system will see distinct information about every item stored on a communal ledger. Customers can utilize a brand’s official app to secure a certificate providing details about the product’s provenance. It will also include environmental and ethical information, warranty services, and even instructions for the product’s care.
Other Luxury Brands to Join Christian Dior and Louis Vuitton
The Aura system already has the Christian Dior and Louis Vuitton brands locked down for the projection, and discussions are reportedly ongoing for other high-end brands to join the group. The team behind the platform has also expressed hope that even its rival brands will also use the system. It will reportedly help in enabling them to develop customized services or enhance customer loyalty.
Aura is Ground-Breaking for Luxury Brands
Ken Timsit, ConsenSys Solutions’ managing director, proclaimed that Aura is “a ground-breaking innovation for the luxury industry.” He also said that they’re proud to contribute and to collaborate with LVH on a project that will help the whole industry while protecting the integrity, interest, and privacy of each individual brand.