The blockchain is making its way into the luxury goods industry more and more these days.
More interesting moves are taking place in the crypto space as Bitcoin (BTC) is on its way up again today.
The AURA platform is in the works
Ethereum development studio ConsenSys and the tech giant Microsoft are teaming up with Louis Vuitton SE as tech partners to create a blockchain platform called AURA.
This new platform allows customers to check trace and track the production of luxury goods.
This will happen from raw materials to the point of sale, to second-hand markets.
Using AURA, the customers will be able to learn about a product’s history and check its authenticity of brands under Louis Vuitton SE aka LVMH. LVMH subsidiaries include Marc Jacobs, Hublot, TAG Heuer, Bulgari, Givenchy Parfums, Sephora, Dom Pérignon and Hennessy.
According to ConsenSys, “During production, each product is recorded on the shared ledger, irreproducible and containing unique information. At the time of purchase, a consumer can use the brand’s application to receive the AURA certificate containing all product information.”
Ethereum will power AURA
The industry-wide platform will be powered by Ethereum.
“For this particular alliance of brands and technology partners, the AURA team chose to implement a consortium model, where any luxury brand can become a full member. This model ensures that the possibilities of the technology can be made accessible to all, while maintaining the flexibility to address the specific needs of each luxury brand.”
The Daily Hodl writes that this partnership will integrate Ethereum’s solution Quorum using Microsoft’s Azure cloud tech.
In the future, more luxury brands will be joining the consortium and use the platform.
It’s great to see the blockchain tech penetrating more industries and taking the crypto space closer to mass adoption. It’s also important that more big names are realizing just how useful the blockchain technology can be.