Back and Track Luxury Goods
French company Moët Hennessy Louis Vuitton is developing their own blockchain to track and monitor the circulation of luxury goods. The project (named AURA) is a project rumored to have been developed out of consultation with ConsenSys and Microsoft Azure.
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.Source [CoinDesk]
Counterfeiting has plagued luxury brands with the rise of online shopping and more elaborate forgeries. Perhaps AURA will be the answer to truly authenticate on-brand items?
Powered by Quorum
In the background, the project will be powered by Quorum which in turn is backed by Ethereum. Quickly becoming an institutional favorite – Quorum is also JPMorgan’s blockchain of choice.