LVMH Set to Launch Blockchain for Tracking Luxury Goods
Luxury goods conglomerate
AURA is based on a permissioned version of the JPMorgan-developed Quorum, an Ethereum blockchain focusing on data privacy. LVMH hired a full-time team to work on the project stealthily for a year now, alongside Microsoft Azure and Ethereum design studio ConsenSys. While neither LVMH nor its two partner companies in the project commented on AURA, a source involved made this statement to Coindesk:
“To begin, AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. 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.”
For more details about the AURA project and its intricacies, head over to Coindesk for an in-depth explanation.
In other fashion news, Off-White™ has just dropped a Jakarta-exclusive “TRIPPY” capsule.