Luxury groups join forces on blockchain project
LVMH, Prada and Cartier have joined forces to develop what they are calling the world’s first global luxury blockchain.
They said they had worked together to set up the initiative, the Aura Blockchain Consortium, to address “shared challenges of communicating information on authenticity, responsible sourcing and sustainability in a secure, digital format”. It will provide consumers with a high level of transparency and traceability throughout the lifecycle of a product, they said.
It will work by matching information about a product to information about a client through a chain of secure, non-reproducible, digital blocks.
This will enable consumers to access the history of a product and proof of its authenticity at every step of the value chain, the companies said, from raw materials to point of sale. They added that Aura will represent a new way for luxury brands to communicate with consumers, “telling a unique story around the quality of their materials, craftsmanship and creativity, and strengthening the relationship between client and brand”.
