LVMH brands including Louis Vuitton and Christian Dior are already involved in the platform.
The consortium says the system, known as Aura, is designed to -ldquo;serve the entire luxury industry with powerful product tracking and tracing services.-rdquo;
LVMH brands including Louis Vuitton and Christian Dior are already involved in the project -mdash; and discussions are underway to extend Aura to other high-end names within the group. The news release added:
-ldquo;AURA makes it possible for consumers to access the product history and proof of authenticity of luxury goods -mdash; from raw materials to the point of sale, all the way to second-hand markets.-rdquo;
The technology sees unique information about every product stored on a shared ledger. Customers are then able to use a brand-rsquo;s official app to obtain a certificate offering details about its provenance.
According to the group, Aura -mdash; which is based on the- Ethereum blockchain and utilizes- Microsoft Azure -mdash; will also offer ethical and environmental information, instructions for product care and warranty services.
The team behind Aura hope it will eventually be used by rival luxury brands too, enabling them to offer a tailor-made service or strengthen customer loyalty. Ken Timsit, managing director of ConsenSys Solutions, added:
-ldquo;AURA is a ground-breaking innovation for the luxury industry. ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand.-rdquo;
Reports that AURA was in the works first- emerged in March.
High-end brands are increasingly turning to blockchain to confirm the provenance of their products. Recently, reports suggested that premium liquor brand Ailsa Bay was- planning to release a scotch whisky tracked with a blockchain-based system.