Image credit: LVMH
Blockchain services start-up ConsenSys, luxury group LVMH and Microsoft said have announced a blockchain-based product tracking system called Aura that the companies say can be joined by any firm in the luxury business.
The decentralised system is designed to create a unique identifier for each product, tracking its provenance from raw materials to point of sale to second-hand markets.
LVMH brands including Louis Vuitton and Parfums Christian Dior are involved in the project, with plans to involve other of the group’s brands and other luxury firms, the companies said.
The system grows out of a Louis Vuitton project called Track & Trace launched three years ago.
Aura allows a purchaser to use the brand’s application at the time of purchase to receive a digital certificate containing blockchain-based product information.
The use of the blockchain distributed ledger system means the data is not controlled by any one organisation and cannot be altered.
The certificate ensures the product’s authenticity and provides details on its origins and components, as well as giving other information such as instructions for care of the product and after-sales and warranty services.
Aura operates on a consortium model under which any luxury group can become a full member, with firms having the flexibility to tailor the system to their needs.
Some may choose to focus on providing purchasers with information on the sourcing of a product’s raw materials, while others can provide personalised services or try to boost customer loyalty.
Brooklyn-based start-up ConsenSys provided the design and development of the system’s Traceability Smart Contracts, based on ERC 721 token standards, the Aura blockchain infrastructure and the API through which firms operate the system.
Aura is based on Quorum, a permissioned version of the Ethereum blockchain developed by JP Morgan, and uses Micrisoft’s Azure infrastructure.
Microsoft said earlier this month it had developed a blockchain-based tool that would be used by Starbucks to track coffee from farms to outlets.
Digital transformation is an ongoing journey, requiring continuous adaptation, strong leadership, and skilled talent to…
Australian computer scientist faces contempt-of-court claim after suing Jack Dorsey's Block and Bitcoin Core developers…
OpenAI's ChatGPT gets search features, putting it in direct competition with Microsoft and Google, amidst…
New Google Maps allows users to ask for detailed information on local spots, adds AI-summarised…
US-sanctioned Huawei sees sales surge in first three quarters of 2024 on domestic smartphone popularity,…
Apple posts slight decline in China sales for fourth quarter, as Tim Cook negotiates to…