2021-4-21 16:51 |
Louis Vuitton’s parent company, LVMH, Cartier, and Prada have teamed in a deal that will see them develop a blockchain-based solution for authenticity. LMVH unveiled this news on April 20 through an official announcement, noting that this move seeks to offer the customers of the fashion houses an effective way to verify that the goods they buy are indeed original. Reportedly, this solution will also enable transparent traceability of their products.
According to the announcement, the solution is dubbed Aura Blockchain Consortium, and it’s a private, multi-nodal network that is secured by ConsenSys technology and Microsoft. Allegedly, it will be the world’s first luxury blockchain network upon launch. It would work by matching a product ID to a client ID and provide an encrypted certificate of guarantee to help buyers know whether the item they want to purchase is original or fake.
Commenting on how the solution would transform the luxury brand space, Toni Belloni, LVMH’s Managing Director, said,
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.
No crypto payments for nowLMVH first announced plans to launch the Aura blockchain in March 2019. Since then, the network has attracted several brands, including Hublot and Bvlgari. Per the publication, the Aura network allows brands to customize their experience based on their needs and customer expectations. Apart from this, the platform lets the brands manage their data while adhering to high standards of client privacy, seeing as information stored on the blockchain will be immutable and hackproof.
However, Cartier’s CEO, Cyrille Vigneron believes Aura Blockchain might evolve because it is still a budding technology. He noted that Cartier has already tested a feature for online product returns, which lets customers snap a photo and upload it on the blockchain to prove the condition of the product they are returning hasn’t changed from the moment they received it to when they ship it back to the brand. While Vigneron said this is a simple feature, he acknowledged that it would play a significant role in enhancing the trust between both parties.
Although the luxury brands are bullish on the blockchain, they do not have plans to accept cryptocurrencies as payment for their goods at the moment.
The post Top fashion houses team up on blockchain solution to fight counterfeits appeared first on Invezz.
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