Catwalk on Blockchain? Louis Vuitton and Christian Dior Reveal Luxury Goods Verification Solution
Ever wondered whether or not the Louis Vuitton handbag that you're sporting with a reserved pride is actually real? It's the worst nightmare of fashionistas all over the world to find out that their Viennese purse is actually a Taiwanese one.
It's for this reason that it comes as a pleasant surprise that ConsenSys has officially partnered with Microsoft and LVMH in order to develop a blockchain backed platform that will allow customers to check the authenticity of the luxury goods that they purchase. This is according to a press release that was published on May 16th.
Known by the provisional name of Aura, its associated consortium has stated that it is purpose-built in order to “serve the entire luxury industry with powerful product tracking and tracing services.”
While the name LVMH may not be too familiar to many people, the brands that it represents are internationally renowned. These include Christian Dior and Louis Vuitton, both of which are actively involved in the blockchain project – currently, discussions are already taking place in order to make Aura a wider encompassing validation solution for high-end fashion brands.
The news release goes on to state the following:
“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.”
So how does this technology work:
It operates by looking into a shared ledger in order to look up unique information about the various products listed there from its inventory. That's how it works from the business end, the way it can work for customers is that they can browser the brands app and obtain an official certificate of authenticity for the item that they purchesed.
This is something that we have seen from the blockchain gaming industry over the past year – with companies like Reality Clash, WAX and OPSkins providing a decentralized certificate for any assets purchased.
According to the consortium behing the project, Aura is built on top of the Ethereum blockchain, while also making use of the cloud computing solution Microsoft Azure. This combination will offer users a great deal of environmental and ethical information as it relates to the impact of the project and goods. This also includes a series of product care instructions as well as services for product warranties.
The consortium that is currently working on Aura holds the . hope that it will come to be a direct service for luxury brands regardless of their rivalries, allowing them to offer a uniform solution for validating authenticity, allowing each to offer a bespoke service, thereby strengthening the underlying loyalty of their customers.
Representing ConsenSys Solutions as its managing director, Ken Timsit further added the following:
“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.”
Some of the very first reports regarding Aura were published as of March this year. Blockchain technology is being looked at with a far warmer demeanour by the fashion industry, especially wherever it can be applied to secure the quality of their products.
According to recent reports, it was shown that Ailsa Bay intends to make use of blockchain in order to track the shipping of its Whisky over the Asian continent.