As blockchain and cryptocurrencies have got popular over the course of last few years, there has been considerable research over areas where they can be used. Blockchain, in particular, has caught the attention of everyone from corporations to governments, and we’re seeing its various new use cases coming out every day. The latest use case has been presented by luxury brand Luis Vuitton and Christian Dior, as they show the world how to track the authenticity of luxury goods over blockchain. In a new project developed under the joint partnership of ConsenSys, Microsoft and Luis Vuitton a new platform is being developed to keep track of every important development in the supply chain life of luxury products.
The platform has been named AURA, and according to the consortium developing it, the plan is to make it available for the entire luxury industry once it has been developed. Luis Vuitton and its sister brand Christian Dior already taking part in the project, and their parent company LVMH is also working on bringing other luxury brands on-board. The press release published by them said:
“AURA makes it possible for consumers to access the product history and proof of authenticity 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.”
AURA will be based on Ethereum, and will make use of Microsoft Azure cloud for various functions. It will allow users to make use of an Android app for finding the authenticity of any luxury product by tracking its supply chain. ConsenSys is developing it, and Ken Timsit, the MD of ConsenSys Solutions, feels that the platform can go a long way in protecting the interests of every luxury brand. Here’s what he said in the press release:
“AURA is a groundbreaking innovation for the luxury industry. ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand, leveraging Ethereum blockchain technology in a truly decentralized way.”
The first unofficial reports of AURA’s developments came in March. Now it will be interesting to see how long it takes for the project to be developed completely!