LVMH, Cartier & Prada Group launched AuroBlockchain
European Luxury Sector: Cartier, LVMH and the Prada Group announced the creation of the #AuraBlockchain Consortium, supporting the first global blockchain solution dedicated to the luxury industry.
The technology offered will provide access to product history and proof of authenticity, addressing the challenges of traceability, responsible sourcing and sustainability. “The Aura Consortium represents unprecedented cooperation in the luxury industry. Blockchain is a key technology to enhance customer service, relationship with partners and traceability.
The luxury industry creates timeless pieces and must ensure that these rigorous standards will endure and remain in trustworthy hands. We, therefore, invite the entire profession to join this consortium to design a new luxury era enabled by blockchain technology”, shared Cyrille Vigneron, President and CEO of Cartier International.
The Aura Blockchain Consortium is the first initiative led by luxury Maisons going beyond traditional frontiers to become a technological hub for brands. Through this unprecedented enterprise, we will usher in a new luxury era enlightened by the potential of blockchain.
The concept behind this easy blockchain solution is to address common issues across the luxury industry, enhancing the overall customer experience.
The Aura Blockchain Consortium makes it possible for consumers to access product history and proof of authenticity of luxury goods – from sourcing to sales, all the way to second-hand markets.
The tech platform, which is operated by the Aura Blockchain Consortium, allows blockchain technology to be accessible to all partners irrespective of size while maintaining the flexibility to address the specific needs of each brand.
The first luxury global blockchain system
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Many sectors are looking at the possibility of using blockchain, the distributed ledger system that underpins Bitcoin and other cryptocurrencies. Because blockchains are unchangeable and decentralized, the data stored on them is trustworthy and secure.