LVMH to use blockchain tech to tackle counterfeiting
Luxury fashion powerhouse LVMH is poised to launch a new blockchain tool for ensuring the tackle counterfeiting.
According to Coindesk, LVMH will launch the new cryptographic provenance platform called Aura, which is able to prove the authenticity of luxury items and trace their origins “from raw materials to point of sale and beyond to used-goods markets”.
It plans to launch the tool in May or June with Louis Vuitton and Parfums Christian Dior, with a view to rolling it out across all 60 of its brands.
“The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud,” an anonymous source close to the project told Coindesk.
It is understood that in future LVMH aims to offer the service to rival brands, where the tool will run in the background to of their own websites or apps.
“So if you are a customer of a luxury brand, you are not going to see Aura; you are going to see the Louis Vuitton app or the app of another luxury brand,” the source added.
Aura has been developed using a version of the Etherium blockchain called Quorum, and will have a dedicated team of staff who will be working closely with Microsoft Azure and ConsenSys.