I can’t seem to go to a single cocktail party anymore without someone dropping the B-word at least a couple of times. “The Blockchain is the future” is certainly something you have no doubt been preached as well over the past few 24 months or so.
While I have no cure for this sleep inducing conversation-killer which will no doubt pop up yet again at your next event, after reading this article you will be able to reply with a cool “the Blockchain has even been adopted by the Luxury groups”.
LVMH in collaboration with ConsenSys and Microsoft have announced the AURA initivative. Not a futuristic space exploration program but the name for their consortium set to power the luxury industry with the blockchain.
As per ConsenSys, “AURA makes it possible for consumers to access the product history and proof of uathenticity of luxury goods — from raw materials to the point of sale, all the way to second-hand markets. Several brands of the LVMH Group, such as Louis Vuitton and Parfums Christian Dior, are currently involved, and advanced discussions are underway to onboard additional brands from the LVMH Group, and other luxury groups globally. For Louis Vuitton, the development of the AURA project is the culmination of the traceability program (Track & Trace) launched more than three years ago”.
They provide additional detail stating “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. Decentralized and immutable, blockchain technology provides transparency and a single source of truth for the consumer: it ensures the authenticity of the product, provides details on product origin and components (including ethical and environmental information), instructions for product care, and the after-sales and warranty services available”.
Interesting to note is that LVMH is not intending to keep AURA all to itself, instead they are aiming for an industry-wide adoption. The end customer would never see, feel, hear anything related to AURA, but it would be the backbone industry wide for the future of authentication, traceability etc…