Rumors have sparked in the past days about the well known luxury brand conglomerate, LVMH, that is also the owner of the Louis Vuitton label is preparing to put the blockchain technology to good use and prove the authenticity of their luxury expensive goods.
Expected to go live in the second quarter of 2019 under the cryptographic platform AURA, Louis Vuitton, Parfums Christian Dior and other 60-plus luxury brands and even their competitors are expected to eventually make use of this technology.
It should not surprise us that AURA was built using a permissioned version of the Ethereum version, Quorum, which is focused on data privacy and was developed by JPMorgan.
According to a source, AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to the point of sale and beyond to used-goods market. 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.