The fashion giant LVMH who owns and runs the Louis Vutton brand of luxury accessories has registered a new company named AURA to run a blockchain to identify and prove origin of its products, based upon JP Morgan’s Quorom platform, which is in turn built on the Ethereum blockchain. It will provide proof of the authenticity of luxury items both to the customer and for internal use at LVMH. It will also trace the origins of the raw materials used to create each piece, depicting a digestible story and timeline of each individual product. Furthermore, AURA will keep track of exactly who is purchasing each piece at the point of sale, and will even go into the used goods market.
This will make it significantly harder to trade counterfeit product, as information stored on the blockchain is impossible to modify, only those with genuine goods can provide proof of authenticity to future buyers. Christian Dior, the world’s famous producer of parfumes will also utilize AURA.
The next phase of the platform will explore storing and protecting intellectual property, exclusive offers, and events for partnered brands’ customers, as well as anti-advertising fraud.
We’ll probably see a mobile app at some point which will allow users to input barcode or serial number data, and in return receive confirmation on whether or not that product is legit. If it’s authentic, you’ll also be able to see exactly where the leather came from, where it was taken for treatment and printing, where it was assembled and also a full purchase history including the first LV store it was purchased at; a digital breadcrumb trail of everything that’s ever happened to that specific product.