LVMH and Richemont’s Prada and Cartier have joined forces to develop Aura Blockchain, the world’s first global luxury blockchain. The collaboration between the world’s largest luxury goods makers is geared to offer an innovative solution to their customers looking for authenticity for their high-price merchandise. The blockchain-enabled solution provides customers a high level of transparency and will make the products traceable in a secure and digital format.
The technology of Aura Blockchain certifies a transaction by matching a product ID to a client ID through a chain of digital, non-reproducible blocks. As a result, the encrypted certificate of guarantee will enable shoppers to access the history of a product and know whether a product is counterfeit or not. Such certificates will substitute third-party verifications and represent an innovative way for customers to follow the entire lifecycle of a product with trusted data.
Cartier has already tested the blockchain associated with online product returns, which allows customers to prove that the condition of the product they are returning hasn’t been modified. Additionally, the multi-nodal and private blockchain secured by ConsenSys technology and Microsoft also enhances the trust between two parties for auction houses. The Aura infrastructure is highly flexible and allows each individual brand to design their own features according to their customer expectations and brand specifications.