June 5, 2019
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ConsenSys, a New York-based blockchain technology company, is launching a new platform geared to serve the luxury goods industry. In a press release dated May 16, 2019, ConsenSys, alongside Microsoft and the French luxury goods conglomerate LVMH, announced the AURA platform. Based on Ethereum blockchain technology and the Microsoft Azure cloud computing service, AURA aims to provide powerful product tracking and tracing services to the luxury goods industry. AURA will enable consumers and dealers to access product history to ensure authenticity and learn of its production details such as raw material sourcing and manufacturing location. Companies and brands using AURA will have flexibility in determining which information will be shared with consumers.
AURA operates by recording each product on a decentralized, shared ledger with unique information. The decentralization of the information makes it incorruptible, resulting in a single verification source for the customer. AURA is a noteworthy example of blockchain technology’s capability to provide value in traditional industries. LVMH brands Louis Vuitton and Christian Dior are currently involved with AURA, and discussions are underway to include other global high-fashion brands in the LVMH portfolio. High-end brands in other industries are also considering utilizing blockchain technology to confirm the provenance of their products, such as Ailsa Bay who is reportedly planning on using blockchain to track their scotch whisky.
Author: Jay Piett
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