Louis Vuitton shakes hand with Microsoft to start their own blockchain
The largest French fashion house and luxury retail company Louis Vuitton is planning to launch its own blockchain for establishing proof of authenticity of their high-priced luxury items. The process will be starting from tracking the product’s origin from when they are raw materials to their mercantile establishment including the second-hand markets.
The blockchain with the code-name AURA, was developed by using a controlled and permissioned version of ETF blockchain called Quorum (which was first built by JP Morgan) that will help maintaining data privacy by ensuring that no information will be leaked between the brands and their customers.
Louis Vuitton or shortly LV is one of the world’s leading international fashion brand that sales its products through 460 stores in more than 60 countries and also through the e-commerce section of its website. It was being the number one of the 10 most powerful brand for six (2006–2012) consecutive years and the company’s valuation according to 2012 was US$25.9 billion (Source- Wikipedia).
The blockchain project is in collaboration with Ethereum design studio ConsenSys and Microsoft Azure. All the teams of the three companies are working closely for the past one year to develop the blockchain project called AURA. Its next stage will be developed keeping in mind the protection of intellectual property. It will also focus on the exclusive offers and organize events for the customers of each brand.
As reported by the sources, the platform is supposed to go live in May or June with the company’s main branches and will offer the service to other brands and its competitors as well in a white-label form i.e. running behind the brands that are using it. So, the customers of a luxury brand are not going to see the AURA itself, instead they will see the Louis Vuitton app or the app of another luxury brand they are using.
Louis Vuitton has also extended its wish to share AURA with the market competitors by donating the IP related to the platform to one different unconnected body and that body will be owned by the brands which are backed by the AURA platform.
Since the fashion giant is looking in the direction of blockchain, they might have seen the power of this new technology and also the possibility of its future use cases through which the brand can get innumerable profits. The company has therefore started adopting the immutable technology in their new project named AURA.
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