LVMH partnered with two major luxury brands Prada and Cartier, part of Richemont, to develop Aura Blockchain Consortium, the world’s first global luxury blockchain. This unprecedented collaboration between three European rivals will result in a high level of transparency and traceability throughout the lifecycle of a product.
The advanced technology of Aura Blockchain matches a product ID to a client ID to enable him or her to access the history of a product and proof of its authenticity at every step of the value chain, from raw materials to point of sale, and even more. Consumers will be able to trace the entire lifecycle of a product with trusted data throughout, and with no need for third-party verification. The first global luxury blockchain will allow brands to tell consumers a unique story around the quality of their materials, craftsmanship, and creativity.
Taking into consideration that traceability, sustainability and authenticity are common to all luxury brands, it made sense for these competitors to work together to develop a shared solution. LVMH, Prada, and Richemont designed Aura Blockchain Consortium, a multi-nodal, private blockchain secured by ConsenSys technology and Microsoft. Open to all luxury brands, not just the founders, Aura offers flexibility to support companies of varying sizes and adapt to individual needs.
Among LVMH Maisons, Hublot, Bvlgari and Louis Vuitton are already active on the platform. Hublot has launched a digital e-warranty, which is stored in the Aura infrastructure and allows customers to verify the authenticity of their watch via a simple photo taken with a mobile phone. Brands using Aura maintain their own data and follow the strictest standards of client privacy, with information stored on the blockchain in a way that cannot be changed, tampered with, or hacked.