Three major luxury namesLVMH, Prada and Cartier, part of Richemonthave joined forces to develop Aura Blockchain Consortium, the world's first global luxury blockchain. The consortium will promote the use of a single global blockchain solution open to all luxury brands worldwide to provide consumers with additional transparency and traceability.
The technology offered by the Aura Blockchain Consortium enables direct-to-consumer access to product history and proof of authenticity. Consumers can easily and transparently follow a product's lifecycle, from conception through distribution, with trusted data throughout, and thus strengthen their relationship with their favourite luxury brands.
The state-of-the-art technology of Aura Blockchain matches a product ID to a client ID, providing the infrastructure through a chain of secure, non-reproducible, digital blocks to enable consumers 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.
Aura represents a new way for luxury brands to communicate directly to consumers, telling a unique story around the quality of their materials, craftsmanship and creativity, and strengthening the relationship between client and brand.
The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better. By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance, said LVMH managing director Toni Belloni.
In an incredible journey together with our luxury partners and in a trustful collaboration never seen before in our sector, we have created an exceptional and innovative project aiming to put our customers at the very centre creating major values to them through a sustainable authentication system which will unlock future possibilities, said Lorenzo Bertelli, Prada Group head of Marketing & head of Corporate Social Responsibility.
The Aura Consortium represents an unprecedented cooperation in the luxury industry. Blockchain is a key technology to enhance customer service, relationship with partners and traceability. The luxury industry creates timeless pieces, and must ensure that these rigorous standards will endure and remain in trustworthy hands. We therefore invite the entire profession to join this consortium to design a new luxury era enabled by blockchain technology, Cyrille Vigneron, president and CEO of Cartier International and member of Richemont's board and senior executive committee, said.
Source - https://www.fibre2fashion.com/news/fashion-news/lvmh-prada-and-cartier-form-world-s-first-global-luxury-blockchain-273582-newsdetails.htm
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