LVMH, the Prada Group and Richemont have announced the birth of the Aura Blockchain Consortium, a project that promotes the use of a single global blockchain solution, open to all luxury brands worldwide, to ensure greater transparency and traceability for consumers.
The three players have jointly developed an exclusive common platform to address shared challenges in the area of authenticity communication, responsible sourcing and sustainability through a secure digital format.
“Luxury brands – reads the note – have a unique story to tell for the quality of the materials, craftsmanship and creativity. The technology offered by Aura Blockchain Consortium allows the consumer to have direct access to the history of the products and their guarantee of authenticity “.
Customers can easily and transparently follow the life cycle of a product, from its creation to distribution through reliable data throughout the process, thus strengthening the relationship with their reference brands. “Thanks to this unprecedented collaboration and the development of cutting-edge and innovative technology – continues the press release – Lvmh, the Prada Group and Cartier (a brand of the Richemont group) continue to raise industry standards to drive change and increase the confidence of its customers in sustainable practices and responsible sourcing conducted by individual brands “.
The technological system consists of a multi-nodal private blockchain and is protected by ConsenSys technology and by Microsoft. It will record information in a secure and non-reproducible way and generate a unique certificate for each owner, increasing the desirability of valuables, the result of unique know-how and made with high quality sustainable materials.
“Aura Blockchain Consortium – commented Toni Belloni, managing director of LVMH – is a great opportunity for our sector to strengthen the relationship with customers by offering them simple solutions to get to know our products better. By joining forces with other luxury brands in this project, we are paving the way for transparency and traceability. I hope that other prestigious brands will embrace this solution ”.
“Together with our partners – added Lorenzo Bertelli, head of marketing & head of CSR of the Prada Group – we have embarked on an unprecedented path of collaboration and trust in our sector; we have created a unique and innovative project with the aim of putting our customers at the center, creating value thanks to a sustainable authentication system that will generate infinite possibilities “.
Bulgari, Cartier, Hublot, Louis Vuitton and Prada are already active on the platform. Several discussions are currently underway at an advanced stage, both within the founding groups and with independent brands, to join the consortium. Each brand has joined on the basis of its specificities and the expectations of its customers and will continue to be fully owner and responsible for its data, without any exchange of sensitive information from a competitive point of view. On the blockchain platform, the information will be stored so that it cannot be modified, tampered with or violated. The consortium is open to all luxury brands, regardless of the sector or country in which they operate.
“Aura Blockchain Consortium – concludes the note – is a non-profit organization that aims to improve customer relationships and brand protection. The profits will be reinvested to guarantee the technological development of the platform ”.