Software firm Consensys, together with LVMH and Microsoft, announced a blockchain platform, called AURA, which aims to empower the luxury industry with product tracking and tracing services. These services are based on Ethereum blockchain and have been developed using Microsoft Azure.
Consensys – which is one of the main technology partners of AURA –contributed to the design and development of Traceability Smart Contracts (based on ERC 721 non-fungible token standards), the AURA blockchain infrastructure (a permissioned consortium network with privacy, based on Quorum), and the brand API that allows luxury brands to interface with AURA on a white label basis.
AURA helps consumers to access the history of luxury products and their proof of authenticity. Many of the LVMH brands, like Louis Vuitton and Parfums Christian Dior, are presently involved and more of its products, along with other luxury groups, will be added to the platform later. For Louis Vuitton, AURA is the result of the traceability programme that was launched more than three years ago.
A consortium model was implemented by the AURA team wherein any luxury brand can become a full member. This model makes sure that the possibilities of the technology should be accessed by all, while maintaining flexibility to address the specific needs of each luxury brand.
Last year, French startup Arianee launched the first luxury protocol that records all genuine products of value. The system involves a public blockchain, which anybody can read, and then trade tokens, but only brands are allowed to issue the tokens.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
The post LVMH, Microsoft and Consensys come together for blockchain platform in luxury market appeared first on The Block.
Credit: Blockchain News