Blockchain

Owner of Louis Vuitton to Establish a Blockchain for Goods Tracking

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Louis Vuitton is a French fashion and luxury retail company which was founded in 1854. LVMH is the parent organization of Louis Vuitton. The brand is commonly referred to as LV. It manufactures a wide range of products which includes shoes, watches, jewelry, accessories, leather goods, books, sunglasses and many more. The brand has managed to secure the world’s most valuable luxury brand for consecutive six years. The fashion house of LV is present in more than 50 countries with over 460 stores.

The fashion house has ventured with Microsoft Azure along with ConsenSys in order to establish a blockchain project to track its manufactured luxury goods. The news got confirmed on Tuesday, 25th March by a crypto news media. The blockchain project dubbed as AURA is expected to come into force in either May or June with all the LVMH subsidiaries such as Parfums Christian Dior as well as Louis Vuitton.

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According to sources, LVMH established a team a year ago which is working jointly with the cloud services of ConsenSys and Microsoft Azure in order to develop a blockchain platform. AURA is based on Ethereum blockchain called Quorum (developed by JPMorgan) aiming to attain data privacy. The news is still not disclosed by any officials of LVMH or the ventured firms.

It is reported that initially, AURA will check the authenticity of luxury products manufactured by Louis Vuitton by tracking its point of sale. Later, the blockchain platform will extend its services to protect exclusive offers, anti-advertising fraud, and events for customers. According to the sources, AURA will be eventually spread to the competitors of Louis Vuitton.

LVMH has its control on more than 60 luxury brands which include Hublot, Dior and Dom Pérignon. AURA is not the first blockchain launch for authenticity-tracking. Arianee or Vechain has been the mini consortia established before AURA. LMVH eliminated the third parties between its brands and their partners by implementing blockchain in its supply chain.

The source further added:

This should be done in the form of an industry consortium rather than a third party actor coming into the marketplace.

Ankita Baruah

Ankita has recently joined the CryptoNewsZ team. She has a master's degree in English Language and Literature and 10+ years of experience in dealing with different types of content for print as well as digital media. Writing is her passion. Precision and originality is what she believes in and makes sure she abides by them in her write ups. When Ankita is off work, you will find her engrossed in books or enhancing her culinary skills!! You can also mail her at [email protected] to discuss anything related to her reports.

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