Is there anything else that blockchain cannot do?
Louis Vuitton along with ConsenSys and Microsoft have teamed up to develop a platform powered by blockchain. This will enable consumers to validate the genuineness of luxury goods.
Louis Vuitton Moët Hennessy (LVMH) brands include Christian Dior and have been engaged in the project already. Talks are in progress to build up Aura to other top-quality names inside the group. Aura is a system that will provide the whole luxury industry with compelling product monitoring and tracing services.
AURA is based on the Ethereum blockchain called Quorum and uses Microsoft Azure for its cloud application. At the same time, it will provide lawful and environmental information, product care guidelines and warranty services. The Aura team anticipates that it will be also utilized by competitor brands. This will enable them to provide a custom-made service or encourage customer loyalty.
According to the industry, the AURA team specified a consortium model for the exceptional coalition of brands and technology allies. This will make any luxury brand become an absolute member. The model guarantees that the potentialities of the technology could be made available to all. The compliance to acknowledge the particular needs of every luxury brand will be maintained at the same time.
ConsenSys Solutions develops infrastructure, solutions, and applications on the Ethereum blockchain network. It has added to the design and advancement of Traceability Smart Contracts. These contracts are ERC 721-based non-exchangeable token standards. The blockchain technology company also assisted in establishing a brand API. It will enable extravagant brands to connect with Aura on a private label basis.
Managing director of ConsenSys Solutions, Ken Timsit said, “AURA is a ground-breaking 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.”
Aura Accreditation Through App
The luxury products business covers several specific factors including manufacturing, distribution, raw materials, and design. The shared ledger will record different processes of manufacturing luxury goods. In this way, customers will be able to take advantage of the brand’s app to get an AURA accreditation together with full details during purchases.
The objective is to deliver transparency and have only one source of truth for consumers. These are consumers who might want to assure the originality of the products that they buy. At the same time, they will be able to receive more information about the origin of the product and its components.
Moreover, consumers will have access to information in terms of the product’s effect on ethics and the environment. It includes product care instructions and after-sales warranty or other necessary services.
AURA has the capability to help inhibit luxury goods fraud, specifically with items procured online. However, it is intriguing to see if the blockchain could provide for the burgeoning customer need for more ethical fashion.
Like for example in the diamond industry, De Beers will manufacture synthetic diamonds. The lab-made gemstones are almost identical to the real ones. To distinguish fake diamonds from genuine stones, Bitcarat.com will use blockchain technology to uphold the financial assets of both merchants and buyers. The technology will likewise fully guarantee the authenticity of the diamonds.