Aimed to increase transparency and tracking in all aspects of operations, the company already has clients
April 21, 2021: Luxury conglomerate LVMH has joined forces with Prada and Cartier (part of Richemont) to develop Aura Blockchain Consortium, the world’s first global luxury blockchain. This unprecedented collaboration between competitors represents a single, innovative solution to shared challenges of communicating information on authenticity, responsible sourcing and sustainability in a secure, digital format. The objective is to provide consumers with a high level of transparency and traceability throughout the lifecycle of a product.
The state-of-the-art technology of Aura Blockchain matches a product ID to a client ID, providing the infrastructure – through a chain of secure, non-reproducible, digital blocks – to enable consumers to access the history of a product and proof of its authenticity at every step of the value chain, from raw materials to point of sale, and even more. Consumers can thus follow the entire lifecycle of a product. 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.
Aura Blockchain Consortium is a multi-nodal, private blockchain secured by ConsenSys technology and Microsoft. Aura is open to all luxury brands, offering flexibility to support companies of varying sizes and adapt to individual needs.
Among LVMH Maisons, Hublot, Bvlgari and Louis Vuitton are already active on the platform. Hublot, for example, has launched a digital e-warranty, which is stored in the Aura infrastructure and allows customers to verify the authenticity of their watch via a simple photo taken with a mobile phone. Brands using Aura develop their own experience according to their specificities and customer expectations. They also maintain their own data and adhere to the strictest standards of client privacy, since information stored on the blockchain cannot be changed, tampered with, or hacked.