Blockchain-powered platform that will help consumer verify the authenticity of the luxury goods by Dior and Louis Vuitton was launched today, May 16. According to the press release we have in our latest cryptocurrency news, ConsenSys teamed up with Microsoft and LVMH to build the platform.
The press release states that the consortium builds the system – Aura which is designed to ‘’serve the entire luxury industry with powerful product tracking and tracing services.’’ LVMH brands include Christian Dior and Louis Vuitton which are already included in the project.
Aura plans to expand for other high-end names in the group. The press release noted:
“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.”
The blockchain-powered platform will make every information about the product transparent and will be stored on the shared ledger. Customers will then be able to use the official app of the brand and can acquire the certificate with the details about the purchased good.
According to the group, Aura which is currently based in the Ethereum blockchain and uses the Microsoft Azure platform will offer multiple ethical and environmental information and instructions for product care and will provide warranty services.
The developer team behind the new blockchain platform aim for it to be used by rival luxury brands as well. They will also enable them to offer a tailor-made service or strengthen the loyalty of the customers. The managing director of Consensys Solutions Ken Timst added:
“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.”
As reported in the coming altcoin news, the reports claim that AURA emerged initially in March. The High-end brands are turning to blockchain platforms in order to confirm the authenticity of their products. The reports also suggest that premium liquor brand Alisa Bay was also looking into releasing a scotch whiskey that will be traced with the help of a blockchain-based system.
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“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
“We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
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“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
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