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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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