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- Aura Blockchain is an innovative solution to all of the luxury sector’s shared challenges in a secure, digital format.
- Aiming to deliver a high quality of transparency and traceability to the consumers, Aura is open to all luxury brands.
- LVMH’s Hublot has even devised a digital e-warranty through the Aura Blockchain.
LVMH, the world leader in luxury, has collaborated with two other major luxury brands, Prada and Cartier, to develop the world’s first global luxury blockchain, Aura Blockchain Consortium.
A Luxurious, Innovative Solution
Announced Tuesday, LVMH Moët Hennessy Louis Vuitton, a French multinational corporation, Prada S.p.A., an Italian luxury fashion house, and Cartier International SNC, a French luxury goods conglomerate, are joining forces. Aura is their one innovative solution to mutual challenges of “communicating information on authenticity, responsible sourcing, and sustainability in a secure, digital format.”
Technology Behind the Aura Blockchain
Each product and client will have unique identification (ID); the Aura blockchain technology will match a product ID to the client ID. Once the IDs match, consumers can access the whole history and proof of authenticity of a product, eliminating the need for third-party verification. Aura Blockchain Consortium is a multi-nodal, private blockchain secured by ConsenSys technology and Microsoft.
Collab’s Prosperous Aims
The topmost luxury sector competitors recognized the need for a united front to defeat their shared concern of “traceability, sustainability, and authenticity.” They aim to deliver the consumers a high quality of transparency and traceability throughout their entire life cycle. As explained in the press release, Aura offers flexibility to support and adapt to all their needs and is “open to all luxury brands.”
Aura: a Door to Immense Possibilities
LVMH’s subsidiaries Maison, Hublot, Bvlgari, and Louis Vuitton, have already joined the platform. Hublot has even established an e-warranty to allow customers to verify their watch digitally through Aura. Since the data stored on the blockchain is secure and can’t be changed, tampered or hacked, Aura has devised doors to immense possibilities that each luxury brand can make use of.
A Great Opportunity for the Luxury Sector
As closing lines, the release cited LVMH Managing Director Toni Belloni; he affirmed that Aura Blockchain Consortium is “a great opportunity” for their sector to strengthen the seller-customer bond by offering consumers a more involved and detailed end in the purchase. Belloni said they are now leading “the way on transparency and traceability” and hopes for more “prestigious players” to join them in this revolution.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
