LVMH, the owner of over 60 brands, including Louis Vuitton, Christian Dior, Kenzo, and Givenchy, is preparing to launch a blockchain for authenticating luxury goods. The name of the upcoming platform is AURA.
Employees of the company reported that the platform will be launched in May or June of this year. First of all, product authentication will be available for the Louis Vuitton brand. Support for other brands will be available later.
Last year, LVMH hired a team of blockchain developers to implement this project which collaborated with ConsenSys and Microsoft Azure. AURA is created based on the version of the Quorum blockchain project, developed by JPMorgan.
With the help of AURA, it will be possible not only to confirm the authenticity of branded items but also to trace their origin from the production of raw materials to the point of sale, in particular, on the used goods market.
The project will be aimed not only at LVMH brands, but also available to its competitors. In the future, developers will be involved in the protection of intellectual property which is very important for the consortium with an annual income of $53 billion.
ATBCoin Team’s Opinion
Control over the creation and distribution of products is a justified decision. Thus, the blockchain project will be implemented as an application for each brand. To avoid complaints about the monopoly of the LVMH the product will be controlled by a third-party company. Other brands, like Gucci, may become platform shareholders. Quorum will ensure confidentiality and no leakage of information.