The luxury industry to be powered with blockchain technology

Blockchain company ConsenSys in partnership with LVMH and Microsoft heralded AURA, a platform to serve the entire luxury industry with blockchain technology. This development was shared by ConsenSys on 16 May.

ConsenSys commenced by informing that AURA would be based on Ethereum blockchain and utilize Microsoft Azure. The innovative platform would make it convenient for consumers to access the product history and proof of authenticity of luxury goods. Such facility spans from raw materials to the point of sale, extending to second-hand markets. The consortium sees unique information about every product stored on a shared ledger.

Ken Timsit, Managing Director of ConsenSys Solutions expressed –

“AURA is a groundbreaking 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, leveraging Ethereum blockchain technology in a truly decentralized way.”

ConsenSys conveyed that several brands of the LVMH Group, such as Louis Vuitton and Parfums Christian Dior, are currently involved. There are advanced discussions going on to onboard additional brands from the LVMH Group. Other global luxury groups are also likely inclusions. ConsenSys emphasized that for Louis Vuitton, the development of the AURA project is the result of the traceability program launched more than three years ago.

ConsenSys noted that the luxury goods industry involves many entities like design, raw material, manufacturing and distribution.

ConsenSys sustained by adding that the luxury goods industry involves many entities like design, raw material, manufacturing, and distribution. The blockchain company noted that LVMH products present unique stories which can now be revealed using decentralized technologies. ConsenSys clarified that during production, each product is recorded on the shared ledger, leveraged at the time of purchase.

In January, ConsenSys reported that it is partnering with Google to back the WordPress new product. Automattic Inc, the parent organization of WordPress, is working with other news industry leaders to develop an advanced open-source publishing platform. The new product christened as ‘Newspack’ is expected to be a revenue-generating and profit-making media enterprise.

While capturing the many advantages of the new innovation, ConsenSys stated that the AURA team chose to implement a consortium model, where any luxury brand could become a full member. This approach ensures that the possibilities of the technology could be made accessible to all. The endeavor also maintains flexibility to address the specific needs of each luxury brand. ConsenSys expressed clarity that AURA had been specifically developed by luxury brands while offering a wide range of services to this industry.