Lvmh, Prada and Cartier joined forces to create the Aura Blockchain Consortium, a consortium supporting the first global blockchain dedicated to the luxury industry.It is configured as a flexible structure, able to support companies of various sizes and to adapt to the needs of individuals. Lvmh, Prada and Cartier have developed a common platform to address: communication of authenticity, responsible procurement and sustainability, through a secure digital format. The technology offered by Aura Blockchain Consortium will allow the consumer to have access to the history of the products and their authenticity.
Benefits for Clients
- 1 - Proving authenticity & ownership of goods
- 2 - Accessing product history information
- 3 - Strengthening client relationship through enhanced transparency
- 4 - Accessing new services provided by the brands
Benefits for Brands
- 1 - Ensuring products are made & handled according to the standards set out by brands.
- 2 - Building client trust (with no intermediaries)
- 3 - Protecting markets against counterfeiting, controlling secondhand markets
Customers can easily and transparently follow the life cycle of a product, from its creation to distribution. Lorenzo Bertelli, head of marketing & head of CSR of the Prada Group, said he had created together with his associates, a unique and innovative project with the aim of putting customers at the center. The technology system consists of a multi-nodal private blockchain and is protected by Consensys technology and Microsoft. Bulgari, Cartier, Hublot, Louis Vuitton and Prada are already active on the platform. Each brand has adhered according to its own specificities and expectations of its customers, will continue to be fully owner and responsible for its data. On the blockchain platform the information will be stored so as not to be modified, tampered with or violated. The birth of Aura Blockchain Consortium is an important news because it marks a step forward in the collaboration between large fashion and luxury groups. "The luxury industry makes timeless objects and must ensure that strict standards endure." - commented Cyrille Vigneron, President and CEO of Cartier.