European luxury powerhouses LVMH, Prada and Richemont have joined forces to create a blockchain-powered digital registry called the Aura Blockchain Consortium to track and authenticate products. Plans for a blockchain system were originally announced by LVMH back in early 2019.
“The Aura Consortium represents an unprecedented cooperation in the luxury industry,” said Cartier CEO Cyrille Vigneron. “The luxury industry creates timeless pieces and must ensure that these rigorous standards will endure and remain in trustworthy hands.”
The Aura Blockchain Consortium is the first luxury global blockchain system led by luxury Maisons – Louis Vuitton, Prada and Cartier, and it hopes to become a technological hub for brands.
Through the initiative, customers will be able to log in and obtain proof of authenticity and ownership of goods and access product history information. For brands, Aura can ensure that products are made and handled according to the brand’s standards, build customer trust, protect their goods from counterfeiting, and gain better control over the secondhand market.
Additionally, according to reports, the new system will allow owners to log in and track the environmental impact the product has had, obtain care instructions as well as a warranty.