In an effort to keep track of its stocks and products effectively, French luxury goods giant (LVMH) has entered into a partnership with ConsenSys and Azure to build a blockchain based platform (AURA). The platform will be dedicated to tracking products from two of its subsidiaries Louis Vuitton and Parfums Christian Dior.
The proposed platform which they have named AURA is expected to get launched by May or June 2019. One of the subsidiaries of LVMH which products will be tracked using AURA—Louis Vuitton, is a global fashion brand which was founded in 1855. The other subsidiary, Parfums Christian Dior is the perfumery and cosmetics line of other French fashion houses, Christian Dior.
The newly created platform will be based on JPMorgan’s Quorum blockchain platform will be running on the Ethereum Blockchain.
A recent report showed that the AURA platform will at its initial stage help to prove the authenticity of LVMH’s luxury products. The platform will make it possible to track products from its origins to the point of sales. Consequently, the platform will be used by the company to explore the protection of creative intellectual property. It will also help present customers with exclusive offers, and events. It will also help uphold the company’s anti-advertising fraud policies.
According to a source close to the operation, a team of full-time blockchain developers has been hired by LVMH to help build and oversee the development of the platform. This team has been working on developing the platform for more than a year. This team has been working alongside blockchain development entity ConsenSys and Microsoft’s Azure cloud service.
Once the platform gets fully launched and successful, an extension into other LVMH brands is expected.
According to a recent report, a major U.S based postal carrier UPS has announced the launch of a blockchain-enabled platform to improve merchant supply chains which it name— Inxeption Zippy. The platform is expected to help improve the system of products distribution and also keep track of the whole supply chain from product listing to delivery.
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