Luxury brands set to move to blockchain for authenticity product tracking

18 May, 2019
by Ryan Boltman
Luxury brands set to move to blockchain for authenticity product tracking

Luxury goods could begin to make use of blockchain technology to fight off fraudulent products, with Louis Vuitton and Christian Dior owner looking to make the first steps into utilizing blockchain technology.

LVMH, the French multinational luxury goods conglomerate is set to make use of blockchain technology in an effort to authenticate and track the companies luxury goods reports Consensys.

The blockchain solution is set to be called Aura, and will "serve the entire luxury industry with powerful product tracking and tracing services" as the report states. 

LVMH handles over brands such as wine producer Château d'Yquem, which dates its origins back to 1593, and Christian Dior among other top brands. 

The report describes the purpose of Aura, saying "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."

Ken Timsit, MD of ConsenSys solutions, the company behind the creation of Aura which will make use of the Ethereum blockchain and Microsoft Azure commented on the plans to implement blockchain solutions with luxury brands, saying "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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