It is quite common for luxury brands to collaborate on projects pertaining to clothes and jewelry. However, for a ‘cryptocurrency consortium’? Not quite. But in doing what’s never been done, three European marquees (LVMH, Prada, and Richemont) have joined hands to form a unified blockchain group. Yes, that’s right!
Called ‘Aura Blockchain Consortium,’ the system will equip technology to create a digital ledger for products in the form of a trusted database. It will allow owners to log in and track exactly where the item originated from, its components, the environmental impact it has, its ethical dimensions, proof of ownership, care instructions, and more.
Each product will bear a unique digital code during the manufacturing process that will be recorded on the Aura ledger. Customers will be able to use the same to authenticate the goods purchased and fetch details on warranty and more.
The Aura Blockchain Consortium was first created by LVMH in 2019 and has further been developed with the help of Prada and Richemont. Commenting on it, Cartier CEO Cyrille Vigneron said, “The Aura Consortium represents an unprecedented cooperation in the luxury industry.” He further added, “The luxury industry creates timeless pieces and must ensure that these rigorous standards will endure and remain in trustworthy hands.”
Well, looks like the future is all about crypto!