LVMH, Prada and Cartier create a blockchain platform dedicated to luxury. The idea? Improve the traceability of products sold. The three entities are also calling on the entire sector to join them.
The name of this blockchain? Aura Blockchain Consortium. Via this blockchain, customers will be able, thanks to a digital certificate, to consult the history of the product purchased, from its design to its distribution. The technology “is secured by the technology developed by ConsenSys and Microsoft,” said a press release.
Brands such as Bulgari, Cartier, Hublot, Louis Vuitton and Prada are already using the platform.
Automation of the role of trusted third party
While one of the uses of the blockchain, or blockchain, is cryptocurrency, the automation of the role of trusted third parties is now also present in many areas. She is experienced in the food industry, in the field of health or the automobile. Its advantage? Allow products to be traced using a digital certificate.
“By joining forces with other luxury brands on this project, we are paving the way for transparency and traceability. I hope that other prestigious players will join this consortium” explains LVMH.
Unlike open blockchains, which any user can use, Aura Blockchain Consortium is a closed type blockchain. Each brand adheres to the confidentiality rules defined for using this blockchain, in such a way as to prevent the exchange of competitively sensitive information.
The consortium is a non-profit organization and future profits will be reinvested to ensure the technological sustainability of the platform, the statement said.