AURA – THE FIRST GLOBAL LUXURY BLOCKHAIN.
LVMH has joined forces with two other major luxury names — Prada and Cartier — to develop Aura Blockchain Consortium, the world’s first global luxury blockchain.
Louis Vuitton, spring 2020 Valerio Mezzanotti for The New York Times
This unprecedented collaboration between competitors represents a single, innovative solution to shared challenges of communicating information on authenticity, responsible sourcing and sustainability in a secure, digital format. The objective is to provide consumers with a high level of transparency and traceability throughout the lifecycle of a product.
Maison Margiela is now using the system to allow consumers’ to authenticate certain handbags, with Jil Sander and Marni also set to roll out the technology soon. Cartier has piloted using Aura’s system in its aftercare program, allowing customers to opt in for the brand to permanently log information about maintenance for their jewellery and watches on the blockchain’s decentralised database ― creating a record of whether its valuable products have been properly cared for.
Amid a growing concern about the proliferation of counterfeit luxury goods, efforts like these have become more important for brands and platforms, as well as individual buyers and sellers, to be able to guarantee the authenticity and condition of products being sold.
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