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ConsenSys Partners with Louis Vuitton to Set Up Blockchain for Luxury Products

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Fri, 05/17/2019 - 11:52
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  • ConsenSys joins efforts with technical giant Microsoft and LVMH Group to create a DLT platform for verifying luxury branded goods

Cover image via U.Today
Contents

On May 16, ETH software studio ConsenSys, along with its partners, Microsoft and LVMH Group, to which such brands as Parfums Christian Dior and Louis Vuitton belong, announced the release of AURA – an open ledger platform created to work in the luxury sphere.

As a reminder, ConsenSys was founded by Ethereum co-founder Joseph Lubin.

The technologies used here will be Ethereum-based Quorum and Microsoft Azure. Details were shared in a press release.

Brands join efforts on blockchain

Louis Vuitton and Parfums Christian Dior – along with a few others owned by LVMH – are collaborating with ConsenSys and Microsoft, and are negotiating with other global luxury brands to work together on the AURA platform.

By taking part, Louis Vuitton is improving its program of goods traceability that the company started a few years ago.

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What AURA blockchain will record

Since luxury goods pass through numerous stages before they get to the market, they require stages of designing, finding raw materials, and need to be produced and then distributed. The AURA platform will enable customers to trace goods back throughout all of this production chain and make sure they are getting the real deal, buying authentic high-end goods.

While a product is undergoing all the production stages, data about it at each stage will be recorded on a blockchain. After purchasing a product, the consumer will be able to check an AURA certificate with all the aforementioned date. It will include all details on its

authenticity, origin, components and even a confirmation that all ethical and environmental norms were properly followed when manufacturing it.

For developing the blockchain, ConsenSys used the Ethereum-based Quorum platform. The Ethereum token standard ERC-721 was used for creating Traceability Smart Contracts.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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