LVMH group set to deploy blockchain authentication tool, AURA
French luxury giant LVMH is reportedly set to introduce by the end of spring a blockchain authentication solution for its products, labelled for the time being AURA. According to blockchain news site Coindesk, AURA would be deployed initially for Louis Vuitton and Christian Dior perfumes. LVMH did not respond to FashionNetwork.com's request for comment.
The solution is said to have been developed by blockchain specialist Quorum, in collaboration with Microsoft Azure and another blockchain solution expert, Consensys. Initially, AURA would be utilised to prove the authenticity of products, giving customers forgery-proof data on the materials they are made with, and tracking their journey along the supply and distribution chain. At a later stage, the tool could be used to fight against the circulation of counterfeit products, while also creating a new communication and loyalty tool for customers of the group's labels. And not just that: LVMH is reportedly thinking about encouraging third-party brands to use AURA, hence its creation was entrusted to an independent organisation.
Blockchain solutions allow the safe storage and transmission of information by making data inaccessible and forgery-proof, after validation by the various stakeholders operating within a given environment. The ‘nodes’ of validated information make up the so-called chain. And while a traditional database only gives access to the last-updated information, a blockchain also allows access to the previous versions of the information, as well as to details about its authors and the time when modifications are made and then locked in.
All of this has quickly made blockchain solutions a major development area in the field of product authentication and supply-chain transparency. For example, Chargeurs Wool Inc. turned to blockchain technology to validate its wool sourcing. Instead, the Arianee project focuses on product authentication and certification for luxury goods, notably to facilitate their resale and at the same time strengthen the links between top-notch labels and their customers. Last year, the LVMH Innovation Award jury gave a special mention to the VeChain start-up, another company working on anti-counterfeiting solutions.
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