Prada, LVMH and Cartier have joined forces on ‘Aura’, the first global blockchain alliance that will make it possible to track product history and proof of authenticity of luxury goods.
The unprecedented collaboration between the competitors marks an active move towards tackling the shared challenge of “communicating authenticity, responsible sourcing and sustainability in a secure digital format” for consumers of luxury goods. LVMH first unveiled plans to develop the blockchain-enabled system in 2019, at a time when various sectors were exploring the distributed ledger system in which Bitcoin and other cryptocurrencies are built upon.
The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better,” LVMH Managing Director Toni Belloni said in the release. “By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance.”
Developed in partnership with Microsoft and ConsenSys, Aura matches a product ID to client ID to enable consumers to access the history of a product and proof of its authenticity at every step of the value chain. This ensures a high level of transparency and traceability throughout the lifecycle of a product, from raw materials to point of sale. While the technology is enabled by blockchain, there are no plans to accept payments for such goods in cryptocurrencies.
With Aura, consumers will have a trusted data source to validate the authenticity of a product without needing third-party verification. It also allows luxury brands to communicate directly with consumers on the quality of their materials, as well as their attention to craftsmanship and creativity, to foster a stronger relationship with their clients. For more information about Aura, visit auraluxuryblockchain.com.
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