It has been an interesting week for the convergence of high-end fashion and blockchain technology. According to a press release fromConsensys, a new project is underway in collaboration with LVMH and Microsoft to launch a new platform that will offer proof of authenticity of luxury goods.
Called “AURA” the new platform is designed to serve the entire luxury industry via its powerful tracking and tracing facility. Based on the Ethereum blockchain and utilising Microsoft Azure, it makes it possible for customers to view the entire product history of their luxury purchases. Client will now be able to trace the entire process from the raw materials used in manufacture, right up to the point of sale and beyond.
Several brands under the LVMH Group, including Louis Vuitton and Christian Dior are involved and more are expected to join the initiative in due course. For Louis Vuitton, this latest step is a part of their Track and Trace programme that was launched just over three years ago.
According to the press release “LVMH products have a unique story to tell throughout the product life cycle that can now be revealed through the use of blockchain technology.”
It seems that the new platform will allow each product to be recorded on a shared ledger during production. Then, when the product is purchased, the customer can use a brand-issued application to receive an AURA certificate that will contain all information relating to the product and its lifecycle.
“Decentralized and immutable, blockchain technology provides transparency and a single source of truth for the consumer: it ensures the authenticity of the product, provides details on product origin and components (including ethical and environmental information), instructions for product care, and the after-sales and warranty services available,” the press release states.
Any brand that wants to utlise AURA is able to and each brand will be able to customise their requirements. For example, some may wish to focus on sourcing raw materials whilst others may prefer to focus on providing tailored services whilst strengthening customer loyalty.
ConsenSys, one of the main technology partners of the project are a blockchain company that are currently working with a number of businesses and governments to develop more blockchain-based business models.
Ken Timsit, Managing Director of ConsenSys Solutions which is the blockchain arm of the company noted: “AURA is a groundbreaking innovation for the luxury industry. ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand, leveraging Ethereum blockchain technology in a truly decentralized way.”
Also in the news this week – IOTA announced that they had teamed up with fashion label ALYX for a DLT-based supply chain solution. The platform will allow each customer to verify the journey of each product they purchase, from the raw ingredients used, up to the point of sale.