LVMH, the famous luxury brand group and owner of Louis Vuitton and Christian Dior, its two major subsidiaries, is all set to launch a blockchain for establishing the authenticity of expensive items, as reported by Coindesk.
Named AURA, this blockchain platform is expected to go live in either May or June this year with LVMH’s chief branches, Louis Vuitton and Parfums Christian Dior. It is later meant to be used with LVMH’s other brands which amount to over sixty names and competitors as well.
As reported, the LVMH blockchain team is working closely since past one year with the Ethereum design studio ConsenSys and Microsoft Azure. The platform is based on a version of Quorum, which runs on Ethereum and chiefly concerns itself with data privacy. JPMorgan first built this blockchain.
An anonymous source involved with the designing of the platform dished out significant details about the project saying that at its inception, AURA is designed to provide the proof of the authenticity of the luxury products by LVMH. This is meant to be achieved by tracking the origin of the products from when they are still raw materials to their sale to even the used good markets. In its second stage, the platform will deal with protection of intellectual property and concerns like anti-ad fraud.
The Road Ahead
LVMH has not been the first to plan an authenticity tracking platform. Also, it intends to extend AURA to its competitors as well which could only be done by donating the IP related to it to a separate body which shall be owned by all the brands that will be backed by AURA. It will also take care that no information of any sort is leaked between the brands and their customers.
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