Louis Vuitton and Dior just some of the luxury brands going Blockchain by partnering with Microsoft and Blockchain startup ConsenSys.
Luxury Brand Louis Vuitton Meets… Ethereum
Announced via a press release May 16, LVMH, the owner of various high-end fashion names, confirmed it was seeking to overhaul its business using the technology.
The plans involve a whole new platform dubbed AURA, built on the Ethereum blockchain and which leverages the Microsoft Azure cloud platform.
“AURA makes it possible for consumers to access the product history and proof of authenticity of luxury goods — from raw materials to the point of sale, all the way to second-hand markets,” the press release summarized.
The move marks a new frontier for the luxury market, Blockchain participation of which has so far taken a more limited form. As Bitcoinist reported, integrations have included schemes such as art auctions and e-commerce.
Vuitton, for example, which began to increase transparency in its supply chain in 2016, will use AURA as the…