There seems to be no industry without a need for blockchain technology. From energy, finance, aviation, advertising, agriculture and now fashion, the use cases of this nascent technology keep spreading.
In this regard, fashion headline conglomerate LMVH, owners of Louis Vuitton and Christian Dior brands have introduced a blockchain-powered luxury goods verification platform.
The new platform dubbed “AURA” is developed in partnership with Consensys and Microsoft; and would allow LMVH customers to verify the authenticity of the luxury goods they seek to buy.
According to the announcement made by Consensys on behalf of the partners, AURA is basically designed to serve the entire luxury industry with efficient product-tracking and tracing services.
The blockchain system is already in use by LV and Christian Dior, with discussions underway to introduce the platform to other high-end brands in due time.
Detailing its use, the report reads;
AURA makes it possible for consumers to access the product history and proof of authenticity of luxury goods – from raw materials to the point of sale, all the way to second-hand markets.
The blockchain system has access to unique data about each product. The data is stored on a shared ledger. Consumers can determine whether their goods are authentic or not by using the brand’s official app. For genuine products, the app will generate a certificate that gives details about its origin.
Benefits of AURA Blockchain and More Use Cases
AURA runs on the Ethereum blockchain and uses Microsoft’s Azure cloud computing service for building, testing and launching apps. The AURA system will also provide additional information like ethical and environmental data, directions for product care and warranty.
MD of Consensys solutions, Ken Timsit says:
AURA will serve the luxury industry especially for brands yet to integrate the platform. With advantages from increased customer loyalty, protecting interests and integrity as well as ensuring privacy of each brand in a truly decentralized way.
The wine industry isn’t left out of the utility of cryptocurrency’s underlying technology. William Grant & Sons owners of Ailsa Bay – a Scottish whisky luxury brand, released the world’s first blockchain-tracked Scotch whisky platform earlier this year.
In a move aimed at addressing the production of fake liquor in the UK; by allowing consumers to track the whisky data from source to store. As a response to a publication which shows UK loses over $288 million to counterfeit wines and spirits each year.
What sectors would you advocate the immediate use of blockchain technology in Nigeria?