LVMH Creates Blockchain Platform To Track Luxury Goods
LVMH Moët Hennessy Louis Vuitton has developed the AURA platform, a blockchain system for authenticating luxury goods, with Microsoft and blockchain software company ConsenSys. The retailer will begin implementing its technology for Louis Vuitton and Parfums Christian Dior brands, ConsenSys said in a press release. While the platform was developed to help consumers trace the origins of their products, LVMH also told Women’s Wear Daily that the technology could also be used to safeguard creative intellectual property and curb advertising fraud. The process to develop the blockchain platform using Ethereum began more than three years ago, according to ConsenSys’ release. With the AURA platform, consumers can trace the lifecycle of its products, including the design, raw materials, manufacturing and distribution. Customers will also be able to find specific product care instructions, after-sales and warranty services on the AURA platform, according to the release. Read more at Retail Dive.