LVMH, a French multinational luxury goods conglomerate headquartered in Paris, has lunched AURA, a platform which aims to offer the entire luxury industry with powerful and real product tracing and tracking services to verify authenticity of luxury goods by teaming up with blockchain company ConsenSys and Microsoft. High-end LVMH brands like Christian Dior and Louis Vuitton are already a part of this project and discussions are going on to extend Aura to other fashionable, and extravagant names within this group, and other luxury groups across the globe. Aura works on a consortium model through which any group can become its full-time member while offering all the firms the flexibility to customize the system as per their needs. According to ConsenSys’ release, the process to set up this blockchain platform using Ethereum had started more than three years ago.
It is a matter of fact that yes; such measures would definitely not serve to put an end to fake trends but shall undoubtedly protect the integrity, interests, and privacy of each brand in the entire luxury industry. It will make sure that a brand protects its customers as well as its reputation and name from low-quality potential counterfeits. For LVMH, the development of AURA, which is based on the Ethereum blockchain developed by JP Morgan and uses Microsoft’s Azure infrastructure, will offer a tailored-made service to strengthen customer loyalty and the customers will also be able to check the product history and proof of authenticity of luxury goods. This technology identifies distinctive information about every product which is stored on a shared ledger and will also help in safeguarding innovative intellectual property. While purchasing any luxury item, customers will be able to acquire a digital certificate providing details about every product’s origin, care instructions, after sales and warranty services by using the brand’s official app. Moreover, it shall also restrain advertising fraud.
The creators behind AURA are optimistic about its use by rival luxury brands too as they strongly believe that the reputation or goodwill associated with a brand’s entity is a valuable asset which needs careful protection in any business.