Louis Vuitton Owner LVMH Is Launching a Blockchain to Track Luxury Goods
Luxury goods conglomerate LVMH, who owns more than 60 luxury brands including Louis Vuitton, Christian Dior, and Hublot, is planning to launch its own blockchain in order to track and prove authenticity of luxury items. The platform is code-named AURA, and will go live in May/June for LV and Dior first. As it develops, LVMH plans to open the platform up to its remaining 60 or so luxury brands, and eventually even to its competitors.
AURA is based on a permissioned version of the JPMorgan-developed Quorum, an Ethereum blockchain focusing on data privacy. LVMH hired a full-time team to work on the project stealthily for a year now, alongside Microsoft Azure and Ethereum design studio ConsenSys. While neither LVMH nor its two partner companies in the project commented on AURA, a source involved made this statement to Coindesk:
“To begin, AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.”
For more details about the AURA project and its intricacies, head over to Coindesk for an in-depth explanation.