The multinational conglomerate company LVMH wants to launch a blockchain platform called Code-named AURA. The main aim of the platform is to authenticate those goods of Louis Vuitton and Christian Dior SE which are of high-prices. LVMH is the owner of Louis Vuitton and Christian Dior SE.
LVMH has made a partnership with the cloud computing service Microsoft Azure and the blockchain software technology company ConsenSys in order to develop the platform.
No one from LVMH, ConsenSys, and Microsoft said anything about the blockchain platform so far. One of the associated sources told to CoinDesk, “To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.
Blockchain technology is a decentralized platform which works without intermediaries involved. Then the question has arisen, why intermediaries would be allowed between brands and partners of LVMH. The source said, “This should be done in the form of an industry consortium rather than a third party actor coming into the marketplace.”
LVMH brings together those brands who create products that include a unique savoir-faire and a carefully preserved heritage along with a dynamic engagement with modernity. The Chief Executive Officer at LVMH Bernard Arnault said, “Our business model is anchored in a long term vision that builds on the heritage of our Houses and stimulates creativity and excellence. This model drives the success of our Group and ensures its promising future,” according to the official website of LVMH.
The blockchain platform will be built on Quorum which is a permissioned version of the ethereum blockchain of JP Morgan. The main focus of Quorum is data privacy, CoinDesk reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]