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Louis Vuitton Owner LVMH To Use Blockchain To Track Luxury Goods

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French luxury goods company LVMH Group is partnering blockchain technology firm ConsenSys and Microsoft to launch a Blockchain-powered platform called AURA to help validate the authenticity of luxury goods. The platform also aims to provide product tracking and tracing services for the luxury industry.

The development of the AURA, the cryptographic provenance platform, is the culmination of the traceability program (Track & Trace) launched more than three years ago for Louis Vuitton.

The counterfeited products market has been on the surge at an alarming rate affecting the revenue of the luxury goods companies.

The AURA platform will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods second-hand markets.

Each product is recorded on the shared ledger, which a consumer can access to receive the AURA certificate containing all product information. It ensures the authenticity of the product, provides details on product origin and components, including ethical and environmental information.

LVMH's brands such as Louis Vuitton and Parfums Christian Dior will initially be included on the platform and advanced discussions are underway to include additional brands from the LVMH Group and other global luxury groups. LVMH has around 60 luxury brands under its umbrella such as Hublot, Dior, Louis Vuitton, and Dom Pérignon.

The platform is developed in partnership with ConsenSys, which builds applications, infrastructure, and solutions on the Ethereum blockchain network, and utilizing the Microsoft Azure platform's blockchain development tools. It is based on JPMorgan's Quorum blockchain platform.

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