Blockchain technology, which was initially created to optimize and secure Bitcoin processes, is now being hailed as a revolutionary idea that has the potential to completely transform many other industries. From Fintech companies to big gaming brands, the world is betting big on Blockchain technology. The latest to jump on the bandwagon is luxury brand conglomerate LVMH, owner of the iconic Louis Vuitton label, which is all set to launch a blockchain designed to verify the authenticity of high-priced goods along the supply chain. Codenamed AURA, Coindesk reports that the cryptographic provenance platform is expected to go live somewhere between May and June. According to the website, Aura is built using a licensed version of the Ethereum blockchain, which was developed by JPMorgan.
Coindesk reports that the blockchain will be used for tracking goods by Louis Vuitton and another LVMH brand, Parfums Christian Dior. It will later be extended to LVMH ‘s other 60-plus luxury brands. A source involved with the development told Coindesk: “To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.” The company has reportedly been working on the product with Ethereum development studio Consensys and Microsoft Azure for more than a year. The system will track the provenance of luxury items throughout the entirety of the supply chain, starting with raw materials and ending at the point of sale.