Luxury powerhouses launch blockchain institute

LVMH, Prada and Richemont are launching a consortium aiming to offer a new standard in digital certification, open to the entire luxury industry. They thus intend to guarantee interested brands control over their data in the long term.

Unveiled on April 20, 2021, this unprecedented collaboration between competitors represents a unique and innovative solution to the common challenge of communicating information related to authenticity, responsible sourcing and sustainability in a secure digital format.

Aura Blockchain Consortium is a private multi-node blockchain secured by ConsenSys and Microsoft technology. Open to all luxury brands, not just founders, Aura offers flexible solutions to support businesses of different sizes and adapt to individual needs.

The aim is to provide customers with high transparency and traceability throughout the life cycle of a product. The cutting-edge technology that Aura Blockchain benefits from combines a product identifier with a customer identifier, providing an infrastructure – through a chain of secure, non-reproducible digital blocks – for consumers to access a product’s history and proof of its authenticity at every step of the value chain, from raw material to point of sale, and more.