Consensys has just announced that they are partnering up with the luxury goods conglomerate LVMH and Microsoft for a blockchain-based platform. The platform will provide “powerful product tracking and tracing services”, according to the press release.
Dubbed the AURA project, each product will be recorded on the shared ledger starting at the production stage. The aim is to ensure customers of the pure authenticity of their goods. The consumer can also receive an “AURA certificate” providing details about a product’s origin and history, providing proof of authenticity. Additional information can also be provided, such as the warranty service, instructions for product care, and more. The press 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.”
LVMH is a considerable force in the luxury goods revenue, boasting billions in revenue and employing over 140,000 people. Several brands that are currently involved with the partnership include Louis Vuitton and Christian Dior, in hopes of strengthening consumer loyalty.
AURA runs on Ethereum Quorum, which was developed by JP Morgan, and utilizes Microsoft Azure. The press release also points out that the companies utilized the consortium model specifically so that the technologies explored can be accessible to all, while at the same time “maintaining the flexibility to address the specific needs of each luxury brand.”
The project has quite the relevant use case, as the global online counterfeiting market is a large one. Specifically, the market is reportedly worth upwards of $1 trillion USD, according to a report that focused on economies with the highest buying power.
Ken Timsit, the managing director of Consenys Solution, offered this statement:
“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.”
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