“Aura represents a new way for luxury brands to communicate directly to consumers, telling a unique story around the quality of their materials, craftsmanship and creativity, and strengthening the relationship between client and brand,” the announcement reads.
Retailers have started to engage with blockchain technology over the last few years, but most advancement has centered around supply chain and payment system needs.
Louis Vuitton, Hublot and Bvlgari--all LVMH Maisons brands--are already active on the platform. The technology works through a chain of secure, non-reproducible, digital blocks that does not require third-party authentication. For example, Hublot clients can verify the authenticity of their watch by taking a photo on their phone through the digital e-warranties stored in Aura.
“The Aura Blockchain Consortium is a great opportunity for our sector to strengthen our connection with customers by offering them simple solutions to get to know our products better,” LVMH Managing Director Toni Belloni said in a statement. “By joining forces with other luxury brands on this project, we are leading the way on transparency and traceability. I hope other prestigious players will join our alliance.”