Louis Vuitton will use blockchain technology to prove the authenticity of its products
by John Smith 
Louis Vuitton will use blockchain technology to prove the authenticity of its products.
According to a recent report, luxury group LVMH, owner of the iconic Louis Vuitton brand, is preparing to launch a blockchain solution to test the authenticity of high value products.
Called AURA, the platform will begin operations between May and June 2019 and will be followed by Louis Vuitton and Parfums Christian Dior before being extended to more than 60 brands.
LVMH has formed a blockchain development team working in secret for over a year in collaboration with Consensys and Microsoft Azure, according to two sources close to the project.
AURA was built using a private version of the chain of Ethereum chains developed by JPMorgan, called Quorum, focused on the confidentiality of information.
LVMH controls more than 60 brands of luxury goods, some of which are recognized as Hublot, Dom Pérignon and Dior, generating profits of more than 53 billion Dollars in 2018 alone.
The consortium aims to provide a luxury service to other whites, including its competitors.
In this sense, AURA will work behind the brands that use them, instead of creating any application.
On this subject, an anonymous source revealed:
“If you are a luxury brand customer, you will not use AURA, you will see the Louis Vuitton app or another luxury brand.”
However, this is not the first time that a blockchain solution of this style is offered, if we take into account others from the past, such as Vechain or Arianee.
In the past, solutions have also been developed to trace the origin of diamonds, so as to avoid practices such as the exploitation of children and illegal mining, as well as to certify the authenticity of luxury goods.
So it’s interesting to see big luxury brands start using blockchain technology to track their luxury products.
This shows that Bitcoin and blockchain technology are not just for financial speculation but that this revolutionary technology will be used in many industries.
The other interesting point is to see that, of course, brands prefer to develop their own blockchain and not use existing blockchains like Arianee which is quoted here or Vechain or Walton perhaps.
Brands want to guarantee their security and the autonomy of their blockchain by creating their own blockchain.
