According to Coindesk, a blockchain is being prepared by the conglomerate of luxury brands LVMH, owner of the iconic Louis Vuitton label, to prove the authenticity of high quality products.
A data privacy developed by JPMorgan?
In fact, a blockchain team has been recruited full-time to work closely with the design studios ethereum Consensys and Micrososft Azure. AURA, the platform will perhaps be operational in May or June with Louis Vuitton and another brand of LVMH, Parfums Christian Dior before sharing it with the other 60 luxury brands of LVMH and competitors. This news was, according to coindesk, said by two people close to the project. Therefore, AURA would be an authorized version of the ethereum Quorum chain, which focuses on data privacy developed by JPMorgan.
Rumor said that neither LVMH, nor its partners, ConsenSys and Microsoft, would comment before the official launch of the project. Furthermore, LVMH intends to offer white label service to other brands, including its competitors. So, rather than creating any application, AURA will work behind the brands that use it.
“To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.” told the source.
What about putting competitors on a blockchain platform?
To avoid the complexity of placing competitors on a blockchain platform, according to the same source, LVMH will donate all intellectual property (IP) to a separate entity, which in turn will belong to the participating brands.
Source: coindesk Image: pixabay