Lvmh, Prada, and Cartier have teamed up to create the Aura Blockchain Consortium, a consortium supporting the first global blockchain for the luxury industry, configured as a flexible structure that can support companies of different sizes and adapt to the needs of individuals. Lvmh, Prada, and Cartier have developed a joint platform to communicate the issues of authenticity, responsible sourcing, and sustainability in a secure digital format. The technology, offered by the Aura Blockchain Consortium, will allow consumers to access the history of the products and their authenticity.
Benefits for customers
1 - Proof of authenticity and ownership of goods
2 - Access to product history information
3 - Strengthen customer relationships through increased transparency
4 - Access to new brand services
Advantages for brands
1 - Ensuring that products are manufactured and handled according to the standards set by the brands.
2 - Building customer trust (without intermediaries)
3 - Protection of markets against counterfeiting, control of second-hand markets
Customers can easily and transparently follow the life cycle of a product from production to distribution. Lorenzo Bertelli, Prada Group's head of marketing and CSR, said he and his collaborators have developed a unique and innovative project that puts the customer at the center. The system consists of a private blockchain with multiple nodes and is protected by technology from Consensys and Microsoft. Bulgari, Cartier, Hublot, Louis Vuitton, and Prada are already active on the platform. Each brand has adhered to its own specifics and the expectations of its customers and will continue to be the full owner and responsible for its data. On the blockchain platform, information is stored in such a way that it cannot be altered, tampered with, or violated. The introduction of the Aura Blockchain Consortium is 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.