LVMH launches blockchain platform in fight against counterfeiting
Luxury conglomerate Moët Hennessy – Louis Vuitton has launched AURA, a new blockchain platform for authenticating luxury goods.
After three years in development with Microsoft blockchain software company ConsenSys as part of LVMH’s Track & Trace project, the luxury group will now begin implementing the technology for its Louis Vuitton and Parfums Christian Dior brands.
The decentralised system is designed to create a unique identifier for each product, tracking its provenance from raw materials to point of sale to second-hand markets.
In an effort to help consumers trace the origins of their products, LVMH reported the technology will also be used to safeguard creative intellectual property and curb advertising fraud.
Consumers using the AURA platform will be able to trace the lifecycle of their products from design, raw materials, manufacturing and distribution.
Customers will also be able to find specific product care instructions, after-sales and warranty services on the AURA platform, which has been developed using the Etherium blockchain called Quorum.