Luxury conglomerate LVMH has partnered with Richemont-owned Prada and Cartier to develop the Aura Blockchain Consortium to provide consumers with transparency, authenticity, and traceability for luxury items.
Aura, the world’s first global luxury blockchain, enables consumers to access the history of a product at every stage of the value chain, from raw material to the point of sale. Through a unique product ID that matches a client ID that provides a protected digital infrastructure, consumers can ensure proof of the authenticity of an item with no need for third-party verification.
“Aura represents a new way for luxury brands to communicate directly to consumers, telling a unique story around the quality of their materials, craftsmanship, and creativity, and strengthening the relationship between client and brand,” stated LVMH in a press release.
“Given that issues such as traceability, sustainability and authenticity are common to all luxury brands, it made sense for these competitors to work together to drive change and develop a shared solution.”
Competitors working together
Developed in partnership with LVMH, Richemont, ConsenSys technology, and Microsoft, LVMH stated that Aura is open to all luxury brands, and its Maisons Hublot, Bvlgari, and Louis Vuitton are already active on the platform.
Hublot, for example, now offers its customers a digital e-warranty stored in the Aura infrastructure, allowing customers to verify the authenticity of their watches via a photo taken with a mobile phone.
LVMH managing director Toni Belloni added: “The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better.”
“By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance.”