In cooperation with the brands Prada and Cartier, LVMH created The aura - a consortium blockchainto help customers recognize authenticity luxury goods. Other brands that want to improve their transparency can join the project.
A unique, luxurious blockchain
The cooperation of world-famous, exclusive brands resulted in the creation of the first luxury blockchain in history. As officially announced by the concern Louis Vuitton (LVMH), it is an innovative solution to the challenges of communicating authenticity, responsible sourcing and sustainable development in a secure, digital format.
How does Aura work?
Blockchain operation Aura it consists in the fact that the product identifier is matched with the customer identifier, which is thus able to provide consumers with access to the history of a given product. It is a kind of proof of its authenticity, including both the raw materials from which it was made and the place of its sale. This innovative technology will allow brands to communicate directly with their customers and track the entire product lifecycle.
Protection against counterfeit products
The luxury goods sector is slowly recovering from the crisis related to the COVID-19 pandemic. As growth is forecasted, there is a risk that the number of counterfeit products imitating original brands will also increase. The new consortium may also be joined by other luxury brands that want to confirm the authenticity of their products to their customers and strengthen mutual relations.