ConsenSys the blockchain company focusing on building a decentralized future i.e., Web3, made an announcement about the joint consortium between LVMH, ConsenSys, and Microsoft to power the luxury industry with blockchain technology in a press release on May 16. The new line-up is added in ConsenSys kitty as a technology partner in order to substantiate the authenticity of luxury goods.
Ethereum Blockchain and Microsoft Azure
Reportedly, Aura- the proposed system based on Ethereum blockchain technology and Microsoft Azure would be utilized to facilitate the entire luxury industry with effective product tracking, product history, and tracing services. This is not all, the designed system would also able to provide the ethical and environmental information, instructions for product care and warranty services to the customers along with the information of after-sales and warranty services.
The customers are also able to get the legitimate Aura certificate which would be expected to show the details about the product origin because after deployment of the new and advanced technology the product details would be recorded on the shared ledger that is immutable and containing unique information. The certificate can be obtained by using the brand’s application at the time of purchase.
As per the information, presently, Louis Vuitton and Christian Dior- the prominent brands of LVMH Group are involved in the strategies and to extend the partnership further, while utilizing Aura, several discussions are underway to involve other LVMH brands on board along with many more luxury global groups to offer the customers a single source of truth.
The news release also added that project Aura for Louis Vuitton is not the newbie in the market which has just designed. In fact, it introduced three years back or more for the true observance and provenance of the products. It is the culmination of the traceability program (trace & track).
The consortium model of Aura can be utilized by various luxury brands and groups so that the new flexibility can be added in the luxury industry. The technology while satisfying the customer needs would also provide the brands a solution to focus on the major concerns which are possibly lacking for the desired output in terms of performance indicating materials like the information from raw materials to the point of sale to gain the customer loyalty. So, here the moto of collaboration is to make the technology available globally in a decentralized way for mutual economic growth.
ConsenSys & Ethereum Quorum
The noticeable point of ConsenSys association with the project is that the blockchain software technology company is the prime technology partner which used ERC 721 non-fungible token standards for the design and development of traceability smart contracts- the trustworthy internet architecture. The AURA blockchain infrastructure which is based on Quorum would allow the luxury brands to interface with the AURA platform easily and clearly, shows their records on a white label basis for the customers globally.
Ken Timsit, Managing Director of ConsenSys Solutions, the enterprise blockchain arm of ConsenSys expressed the excitement for providing the luxury trade a ground-breaking technology with Aura. This initiative would serve the entire luxury industry in a decentralized manner, also while deploying Ethereum blockchain technology the integrity, maintenance of trust, and protection of customers interests with brands would be achievable in unanimity.