LVMH Launches First Blockchain-Based Product Tracking

LVMH Launches First Blockchain-Based Product Tracking

The luxury group LVMH, Microsoft, and the Blockchain services provider startup ConsenSys have officially launched a blockchain-based product tracking system, known as “AURA”. This system is exclusively designed and developed to serve the luxury industry across the world with powerful and robust tracking and tracing services which will verify and uphold the proof of authenticity and product history of luxury goods. Operating on a consortium model, AURA allows any luxury firm to use it to offer real-time tracking services to its customers. LVMH brands like Christian Dior and Louis Vuitton are already currently involved in this project and advanced discussions are still going on to onboard other brands from the LVMH group and other luxury groups across the globe.

APP-BASED DIGITAL TRACKING

Based on Ethereum blockchain technology and using Microsoft’s Azure infrastructure, this decentralized system is set-up to create a unique identifier for every product, tracking its source of origin from raw materials to point of sale, all the way to second-hand markets. AURA uses digital tracking which allows customers to use the brand’s app while purchasing a luxury item to receive a digital certificate consisting of blockchain-based product information and details about every product’s origin, care instructions, after sales and warranty services. With this platform, purchasers can also track the life-cycle of its products including the design, raw materials, manufacturing, and distribution. While protecting creative intellectual property and identifying unique information about every product stored on a shared ledger, this technology will also hold back advertising fraud. AURA will also offer tailored-made services to build-up customer loyalty and to ensure a brand’s protection from potentially low-quality counterfeits.

CONCLUSION

Nowadays, extravagant brands are rapidly turning to blockchain platforms to confirm the provenance of their luxury good items, and AURA is undoubtedly a great innovation for the entire luxury industry which shall help in protecting the interests, integrity, and privacy of every brand. The team behind AURA is hopeful about its use by rival luxury brands too by offering them the flexibility to customize the system according to their needs. For More Visit:  https://www.trademarkmaldives.com/

 

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