Luxury enterprises Prada, Cartier and LVMH have joined forces to create Aura Consortium, which is the world’s first ever luxury blockchain. This combined coalition is aiming to provide luxury goods consumers with authenticity identification abilities supplying transparency and traceable data about a product’s lifetime and previous owner activity. This cutting edge technology will match a products identification to a client, giving users security in knowing that goods can not be replicated as they are attached to the digital blockchain of non reproducible software technology. Lauren Boillot, CEO of Hennessy, commented “The Aura Blockchain Consortium’s vision to push the boundaries of technology to publish a blockchain platform that will ensure the full traceability of products, from the origin of materials to direct to consumer, aligns with our goal to establish Hennessy as not only a market-leading product but a securely and equitably produced product.”
Users will be able to view the past history of a product before purchasing, creating a sense of ease during point of sale. Luxury brands will also be able to communicate with customers like never before, providing product history, origin of design concepts, upcoming product news and more details that will be sure to intrigue consumers. Hublot, Louis Vuitton, Bvlgari are all currently participating in this software and Hublot has gone even further to already give customers the ability to register products with e-warranties all through mobile devices. The brands involved are striving to create deeper, connected relationships between company and consumers. LVMH Managing Director Toni Belloni states “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.”
Aura Blockchain Consortium was released on April 21, 2021 and has only just begun its evolution in the age of blockchain technology. For more information how this will change the future of luxury goods and consumption, you can go to www.auraluxuryblockchain.com.