Three luxury and luxury goods manufacturers – LVMH, Prada and Cartier – have teamed up to fight counterfeiting and authenticate goods using blockchain.
Louis Vuitton’s parent company LVMH, Prada and Cartier formed the Aura Blockchain Consortium. A collective effort is made to give shoppers the confidence that the products they are purchasing are genuine.
Back in the spring of 2019, ConsenSys teamed up with LVMH and Microsoft to create a blockchain platform that would allow consumers to authenticate luxury goods.
Companies reported this week that while blockchain is being used to prove the authenticity of luxury goods, brands have no plans to accept cryptocurrency as a form of payment.
“LVMH brands Hublot, Bvlgari and Louis Vuitton are already active on the platform,” LVMH said in a press release. “Hublot, for example, has launched a digital electronic guarantee that is stored in the Aura infrastructure and allows customers to verify the authenticity of their watches using a photograph taken from a smartphone.”
The luxury goods market remains lucrative, according to the latest statistics released by the consulting firm Bain & Company. Sales reached $ 58.9 billion in 2020, up from $ 39.7 billion in 2019.
This is not the first time that high-end product manufacturers have added blockchain support to combat fraud. So, last spring, the Swiss watchmaker Breitling introduced a blockchain to combat counterfeiting.
Additionally, in 2019, William Gran & Sons announced that the Ailsa Bay premium brand whiskey supply chain can be tracked using a blockchain platform.
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