Will Cartier, Prada & LVMH’s Blockchain Alliance Mean The End Of Fakes?
Luxury powerhouses LVMH, Prada, and Cartier have joined forces to form a unified “Blockchain Consortium,” which could signal a new era for luxury product verification – and counterfeits might not stand a chance. Announced on Tuesday, the Aura Blockchain Consortium hopes to leverage blockchain technology to create a global, digital ledger that registers all their products, providing a trusted database against that they can be authenticated and tracked. It builds on technology developed by LVMH with help from Microsoft and ConsenSys back in 2019. Since blockchains are decentralized and virtually impossible to alter, the shared platform – which the companies say will now be open for all luxury brands to join – issues unique codes for individual products. The code will allow consumers and sellers to track everything from the item’s authenticity, warranty, ownership history, and maintenance, to the environmental impact it has. Read more at Highsnobiety.
