Providing the luxury industry with a traceability platform (Aura) based on the Ethereum blockchain is the ambition of LVMH, Microsoft and ConsenSys.
The LVMH group, Microsoft and ConsenSys confirmed their alliance during VivaTech 2019. The partners want to provide the luxury industry with a traceability service based on blockchain (the decentralized transaction management technology).
Named Aura, the platform will be offered as a white label. It uses Quorum, an implementation of the Ethereum decentralized exchange protocol (this one co-created by Joseph Lubin, founder of ConsenSys) and relies on the Microsoft cloud (Azure).
Brands of the LVMH group, including Louis Vuitton and Christian Dior perfumes, are the first to be involved. In addition, discussions are underway with other big names in the luxury industry called to join the consortium.
Its objective is to provide the market with a benchmark platform for monitoring products, from production to point of sale, ConsenSys said in a press release.
The American blockchain software firm has designed the tokens (traceability smart contracts) and APIs that will allow luxury brands to interact with Aura.
Each product will be registered from its conception, “in a non-reproducible and secure manner” using the blockchain. For the sake of flexibility, brands may choose to focus on “the supply of raw materials, the provision of tailor-made services or even customer loyalty”, added ConsenSys.
The buyer, for his part, can use the application of the brand concerned to receive the Aura certificate containing information associated with the product purchased.
The platform must therefore allow brands to provide proof of the authenticity and origin of products, to fight against counterfeiting, and to reassure their customers.
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